BRUSSELS, Feb. 6 (Xinhua) -- The European Commission on Friday showed its support for the move to limit the pay of executives at the troubled financial institutions, which receive state support.

    In response to the recent decision of U.S. President Barack Obama to set a 500,000-dollar annual pay cap for top executives at companies receiving state fund, Commission spokesman Jonathan Todd said that the limit was helpful.

    "The Commission very much welcomes this kind of limit placed on the pay and bonuses of executives," he told a daily news conference.

    However, Todd added it is up to the European Union (EU) members to decide on possible limits on executives' income.

    Several European banks, including Spain's BBVA and Denmark's Danske Bank, had voluntarily limited the pay of their executives.

    Although some EU leaders and officials including French President Nicolas Sarkozy and Eurogroup Chairman Jean-Claude Juncker have called for curbs on executives' salaries, the Commission ruled out the possibility of drafting a EU law on the issue.