Spain cuts salaries as EU seeks to curb future crises

Europe moved Wednesday to curb future financial crises, with Spain announcing big public sector wage cuts and market sentiment buoyed by positive growth figures as several states shook off recession.

The European Commission, responding to a Greek debt debacle partially reflecting its own weak oversight, called on European governments to submit their national budgets to the EU for "peer review" before presentation to national parliaments.

"An early peer review of fiscal policies would help shape a fiscal stance for the EU and the euro area as a whole," a commission statement said.

For more: AFP: Spain cuts salaries as EU seeks to curb future crises