EU Finance Ministers Detail Economy Reforms To Regain Crediblity Over Debt Handling, cbsnews.com LUXEMBOURG (AP) - The European Union on Tuesday thrashed out ways to toughen oversight of how governments run their economies in a bid to regain credibility with markets and prevent a repeat of the debt crisis afflicting the region.
EU Economy Commissioner Olli Rehn said he expects finance ministers from the 27-nation bloc would move quickly to reinforce economic governance at a meeting in Luxembourg, a day after most agreed on more sanctions for countries with risky finances.
The euro has been roiled by the fallout from a debt crisis that started in Greece, one of the 16-nation currency's smallest economies, after it revealed that it had been lying over the state of its public finances.
Yet even as the EU agreed the details of a massive ýýý750 billion ($897 billion) financial rescue package to stave off bankruptcies, a new potential euro member stepped forward.
Estonia is set to become the currency union's 17th member in 2011, Luxembourg Prime Minister Jean-Claude Juncker, who chairs eurozone finance minister meetings, said late Monday. Estonia will get the final word when EU finance ministers meet again on July 13.
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