EU Finance Chiefs To Discuss Global Market Crisis

Luxembourg, Luxembourg (AHN) - Finance chiefs of the 27 member states European Union, will meet in Luxembourg for an emergency talks to discuss the current global financial meltdown.

In a press statement, the European Commission said, "Ministers will discuss the economic situation, with particular attention to the financial market crisis."

The meeting comes at a crucial time when the global financial crunch has entered an almost uncontrollable stage that has also gravely affected the economic outlook in Europe.

Several European banks have suffered the same state of bankrupt U.S. banks and various central banks across the globe have stepped up measures to protect their economy and keep the markets liquid.

The meeting is also aimed at drafting a concerted EU-wide rescue plan as the actions taken by European central banks are centered on national levels.

Europe's four largest economies, France, Germany, Britain and Italy held an emergency meeting on Saturday in Paris, to drum up support for a EU-coordinated move.

Even the approval of the $700 billion bail-out plan of the Bush administration have failed to erase fears in the global markets that saw huge share index losses in Germany, France and the UK.

The meeting in Luxembourg aims to achieve a specific guidelines to guarantee public savings.

A move by Ireland, Germany, Greece, Austria and Denmark last week to separately declare that money held by ailing banks will be safe, have angered other EU member states on fears it would encourage savers to transfer their money into guaranteed institutions.

But Luxembourg Prime Minister Jean-Claude Juncker said the regional bloc will not allow any major financial firms to fail.

This was reinforced by the president of the European Central Bank Jean-Claude Trichet, when he said, "We will continue to provide monetary markets with all the liquidity they need for as long as it is necessary."