11 May 2010

Call for fundamental reform of European Union

6:35 pm on 11 May 2010

A former European Union commissioner says fundamental reform of the EU is needed to stop further sovereign debt problems arising in the region.

That is despite European officials announcing an unprecedented intervention, effectively agreeing to guarantee all government debt in the eurozone through commitments totalling 750 billion euros.

Former EU internal market commissioner, Mario Monti also says European countries need to be less polite and check each others' figures and balance sheets more closely.