'Banking union' urged in euro countries
A screen displays the IBEX 35 curve at Madrid's stock exchange Wednesday. Spain's debt risk premium smashed euro-era records after the central bank chief quit early, and Madrid scrambled to finance a major banking rescue. (May 30, 2012) Credit: Getty Images
The European Union's executive office has called on the 17 countries in the euro zone to work closer toward a "banking union" to supervise and better manage crises in the sector.
In its recommendations on how to deal with the financial crisis which has pushed the shared single currency to the brink, the European Commission said Wednesday it wants to boost cross-border banking management and burden-sharing to counter signs of continentwide unraveling of cooperation.
The Commission was also to make specific recommendations to nations mired in the financial crisis on how to manage its national budgets and rein in debt and spending.
Maduro, wife arrive for court ... Kids celebrate Three Kings Day ... Out East: Custer Institute and Observatory ... Get the latest news and more great videos at NewsdayTV
Maduro, wife arrive for court ... Kids celebrate Three Kings Day ... Out East: Custer Institute and Observatory ... Get the latest news and more great videos at NewsdayTV
