US pushes Europe on fiscal, financial union

WASHINGTON: The United States piled pressure on European governments to take a bold step toward financial and fiscal union to prevent the eurozone debt crisis from further derailing a stumbling global economic recovery.

Finance ministers from the Group of Seven (G-7) major industrialised economies reviewed the global economy and financial markets while also discussing policy responses, including “progress towards financial and fiscal union in Europe”, the US Treasury said after hosting an emergency conference call on the crisis.