Posted: May 21, 2010 10:36 AM by Greg Boyce
The European Union's president says most EU governments support tougher sanctions to punish countries that break debt and deficit limits.
The EU is discussing stronger debt rules in an effort to curb a debt crisis that has damaged market confidence in the euro currency. Herman Van Rompuy says a Friday meeting of EU finance ministers showed "broad consensus" for financial and political sanctions. He gave no details, saying European officials would decide on reforms to EU budget rules by October.
The DOW opened down Friday morning, but recovered somewhat, gaining more than a 100 points by mid-morning.