Seventeen EU finance ministers gather for ongoing talks on credible and direct solutions for the Eurozone debt crisis, spurred by the fear of the economic disintegration of some EU member states.
EU state leaders and finance ministers face increasing pressure to reassure the global investment and business community of the financial stability of the eurozone. Any further delay to calm the financial markets may cause the fragile global economic recovery to grind to a halt.
EU leaders must therefore find a common ground to tighten measures in overhauling the budget deficits and reform the monetary policies by EU member states. German Chancellor Angela Merkel and French President Nicolas Sarkozy have pressed for a common European monetary policy, in which EU members have to allocate some of their autonomic monetary tools towards the EU.