EU preparing bigger euro rescue umbrella

Didier Reynders, acting Finance Minister for Belgium, and European Economic and Monetary Affairs Commissioner Olli Rehn brief journalists after a meeting of European Union finance ministers that took place in Brussels, December 7th. With the noticable absence of Irish finance Minister Brian Lenihan, in Dublin to present his governments 2011 budget, European finance ministers met to discuss the Irish situation and response, closer cooperation on tax across Europe, along with ways to crack down on fraud and tax evasion The European Crisis resolution mechanism is a hotly debated issue in recent weeks, and and efforts are being made to arrive at a permanent soultion, and cost appraisal.