Euro countries looking at "banking union''

BRUSSELS (AP) ? The European Union's executive office has called on the 17 countries in the eurozone to work closer towards a "banking union" to supervise and better manage crises in the sector.

In its recommendations on how to deal with the financial crisis which has pushed the shared single currency to the brink, the European Commission said Wednesday it wants to boost cross-border banking management and burden-sharing to counter signs of continent-wide unraveling of cooperation.

The Commission was also to make specific recommendations to nations mired in the financial crisis on how to manage its national budgets and rein in debt and spending.

Associated Press

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