BRUSSELS (AP) — Shoring up Europe's banking sector and strengthening oversight of economic policies topped the agenda of a meeting Tuesday of the European Union's 27 finance ministers that was expected to expose divisions among the continent's powers.
Weakness in the banking sector and inadequate monitoring of national budgets were prime causes of Europe's three-year financial crisis.
Monti warned that European leaders need to act quickly to spur growth, the key ingredient that has been lacking in much of the continent as it tries to get its finances back in balance.
Official figures due later this week are expected to show the eurozone fell into recession — technically defined as two consecutive quarters of economic contraction — in the third quarter.
On Monday, the eurozone finance ministers failed to approve a new installment of bailout money for Greece.
The European Commission, the EU's executive arm, wants to give Greece until 2022 to reduce its debt to 120 percent of gross domestic product; but the IMF wants to stick to the original deadline of 2020.
Weakness in the banking sector and inadequate monitoring of national budgets were prime causes of Europe's three-year financial crisis.
Monti warned that European leaders need to act quickly to spur growth, the key ingredient that has been lacking in much of the continent as it tries to get its finances back in balance.
Official figures due later this week are expected to show the eurozone fell into recession — technically defined as two consecutive quarters of economic contraction — in the third quarter.
On Monday, the eurozone finance ministers failed to approve a new installment of bailout money for Greece.
The European Commission, the EU's executive arm, wants to give Greece until 2022 to reduce its debt to 120 percent of gross domestic product; but the IMF wants to stick to the original deadline of 2020.
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