EU deal on financial oversight edges closer

15 October 2010

The EU is finally closing in on new oversight rules to ensure sound finances, prevent another government debt crisis and restore the credibility of the euro.

But leaders remain divided on key issues and some analysts argue that even the latest proposals cannot fix the bloc's fundamental problems.

EU finance ministers will try to sort out two proposals when they meet on Monday and Tuesday in Luxembourg, hoping for a decision at a later summit.