European Union leaders are working overtime to construct new crisis defense mechanisms to safeguard the euro currency and crack down on market speculation before the Asian financial markets reopen on Monday.
The European Union's executive body, the European Commission, will propose plans to create a "European stabilization mechanism" on Sunday ahead of an emergency meeting of finance ministers from the 27-nation bloc later in the day.
For more: Eurozone wants tough mechanism to defend stability of the euro | Europe | Deutsche Welle | 09.05.2010
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