European Union finance ministers have gathered in a summit held in Brussels as an attempt to forge a system that could expand the bloc’s power in aiding any troubled members away from going bankruptcy. This urgent meeting attended by officials of 27 E.U. members is expected to end up with a final agreement to establishing a so-called European stabilization mechanism as the bloc’s market has been suffering significantly right after the eruption of Greece debt crisis. Mr. Nicolas Sarkozy , France President, and Mrs. Merkel are calling for stricter sanctions against countries breaking any rules that protect the stability of the euro even though France and Germany have broken those rules but without serious consequences. Meanwhile, Britain and other countries that don’t support the euro show no signs in doing so but unclearly agreed to “pledge their assets” to help stabilize the market. Finally, it is still murky whether or not there is an achievement of establishing a stabilization mechanism.
Submitted by Yen Do.
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