European ministers delay major action for 10 days

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Source: Virginai news / AP

BRUSSELS (AP) -- Under pressure to deliver shock treatment to the ailing euro, European finance ministers failed to come up with a plan for European countries to spend within their means. Such a plan is needed before Europe's central bank and the International Monetary Fund consider stepping in to stem an escalating threat to the global economy.

The ministers delayed action on major financial issues - such as the concept of a closer fiscal union that would guarantee more budgetary discipline - until their bosses meet next week in Brussels.

Asian markets slumped Wednesday as a top EU official conceded that the future of the euro now rests heavily on the meeting of European heads of state on Dec. 9. Stock markets had risen this week on hopes that intense bond market pressure would finally force the eurozone into quicker and more robust action.

"We are now entering the critical period of 10 days to complete and conclude the crisis response of the European Union," EU Monetary Affairs Commissioner Olli Rehn said, adding: "There is no one single silver bullet that will get us out of this crisis."

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