European finance ministers to hold emergency talks

Finance ministers from the European Union's 27 member states are set to hold emergency talks on the global financial crisis in Luxembourg. There are reports that the EU finance ministers will be seeking agreement on guidelines to safeguard both the savings of individual depositors and Europe's entire banking system. This comes a day after the finance ministers from the 15 countries that use the EU's common currency, the euro, met in Luxembourg. European Central Bank President Jean-Claude Trichet, who also attended that meeting, said the ECB would continue injecting cash into the banking system as long as necessary to help financial institutions through the crisis. The host of the talks, Luxembourg's prime minister and finance minister, Jean-Claude Juncker, told reporters that they had agreed that no European financial institution of "systemic importance" should be allowed to fail.