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BRUSSELS, May 9 (Xinhua) -- European Union (EU) finance ministers met here on Sunday to hammer out details of a permanent aid fund as agreed by leaders of the euro zone to defend the stability of the euro.
Euro zone leaders have agreed at a special summit held Friday night to have the European Commission propose a European stabilization mechanism to preserve the financial stability in Europe.
Finance ministers of the 16-nation bloc are to discuss details such as the formation of the fund and its operation in accordance with the proposal.
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European Commissioner for Economic and Monetary Affairs Olli Rehn (L), EU rotating presidency Spanish Finance Minister Elena Salgado (C) and Greek Finance Minister Giorgos Papakonstantinou talk during an extraordinary EU Finance ministers meeting in Brussels, May 9, 2010. Ministers will examine the European Commission's proposal agreed on by the eurozone leaders, during their meeting on Friday, whose objective is to stabilize the euro after the agreed aid to Greece. |
At a midnight news conference following the Friday summit, EU President Herman Van Rompuy said euro zone leaders reaffirmed their commitment to ensure "the stability, unity and integrity" of the euro zone in the exceptional crisis.
"All the institutions of the euro area (European Council, European Commission, European Central Bank) as well as all euro area member states agreed to use the full range of means available to ensure the stability of the euro area," he said.
