EU lays out tighter rules to stem debt crisis

EU Commission President Jose Manuel Barroso gestures as he addresses the media on reinforcing economic governance at the EU Commssion headquarters in Brussels, Wednesday May 12, 2010. (AP Photo/Geert Vanden Wijngaert) (AP Photo/Geert Vanden Wijngaert)

May 12, 2010 10:57:19 AM PDT
European Union officials urged a crackdown on widespread government overspending, calling Wednesday for much closer economic coordination between EU nations to curb the acute debt crisis that has threatened to sink their shared currency.