Seventeen members of the European Union share the euro currency. Concern over its future has been building in recent years. The Greek debt crisis, rescue loans for Ireland and Portugal, and worries over Italy’s debt have all increased fears that Europe may have to abandon the euro.
The euro is the world’s second most traded and second most used reserve currency after the United States dollar.
European finance ministers failed to agree on a plan to provide economic support for debt-troubled countries last month. European Economic Commissioner Olli Rehn says the need for agreement is urgent.
OLLI REHN: "Overall, I could say that we are now entering the critical period of 10 days to complete and conclude the crisis response over the European Union.”
Financial officials say a lack of economic and financial cooperation is at the heart of the two-year debt crisis. Dutch Finance Minister Jan Kees de Jager said the need for tougher rules is deep.
JAN KEES DE JAGER: "Lack of economic reforms and lack of fiscal discipline has brought us into this crisis. So you also have to address these fundamental issues."
That means euro-nations may have to surrender some power over their budgets to the European Union.
European finance ministers have so far failed to agree to increasing the size of an emergency fund for troubled European economies. They hope to reach some agreement before a meeting of European leaders set for December eighth and ninth.
最新
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25