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Financial Crisis

dc/th, ap/dpaApril 3, 2009

EU finance ministers are to start work on a massive overhaul of their financial system, just a day after G20 leaders agreed on broad measures to kick-start the global economy at their summit in London.

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British Prime Minister Gordon Brown greets German Chancellor Angela Merkel at the G20 summit in London
Finance ministers now have to act on decisions made during the summitImage: AP

Starting Friday, April 3, European Union finance ministers will spend two days talking at an informal meeting in Prague about their troubled national economies and discuss ways they can increase monitoring of the financial sector, both at the European level and worldwide.

One of their more difficult tasks will be fixing targets for when they intend to pay off the debt they are accumulating to finance existing tax breaks and social welfare schemes.

Finance ministers also have to align their goals from upcoming talks on reforming the International Monetary Fund and the World Bank, scheduled for April 25-26.

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