Photo: Yves Logghe / SCANPIX

EU Launches New Economic Safeguards

European Union finance ministers met Monday night in Luxemburg to discuss how to tackle Europe's recent financial troubles, for example, those plaguing Greece and its knock-on effect on the Euro. One solution offered was to take more effective sanctions against countries that repeatedly break the rules that come with the growth and stability packages.

After the meeting, Swedish finance minister, Anders Borg, said that there was support for implementing bigger automatic sanctions. "Until now the sanctions have been applied in quite a lengthy and politically careful process, and this has contributed to us now having perhaps the worst public financial crisis of modern times," Borg said.

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