European Finance ministers meet to establish measures to protect the financial system

After prolonged talks, European leaders decided to publish the measures plan only after the document will be approved by the 27 Finance ministries that meet today, in Luxembourg. The plan was first discussed by European leaders in the euro zone.

On Monday, in a press conference, Luxembourg’s PM Jean Claude Juncker refused to offer more details on the measures taken into account but firmly rejected the speculations that Europeans will not be able to tackle the financial crisis.

European leaders plan to adopt a series of measures that will ensure the stability of the financial system and that would protect the population’s savings.

The European Central Bank will continue to sustain economically the European banking system in order to help the system. On the other hand, World Bank president Robert Zoellick announced in a press release that leaders need to adapt to the global environment when planning bailout plans.