Serious challenges facing the euro.

An official at the European Union's shaky financial situation of Greece and other member States of the European Union hit by the crisis is a "very serious challenge" to the European single currency. Speaking to the Financial Times Olli Rehn the Commissioner-designate of the Economic and Monetary Affairs of the European Union before the European Parliment said he would use all means avaible in order to assist Member States to restore stability to the finances and the implementation of the conditions that ensure growth ans stability , and put restrictions an the public finances of Member States. Rehn called for tighter restrictions on the application of the Stability and Growth vowed reached by European countries , also called for greater coordination between the twenty seven members of the European Union . He rejected suggestions from some European lawmakers to impose sanctions on countries that do not apply the standards of the European , and proposed instead to encourage those countries to take action to impliment those standards and student under the supervision of a wider EU. Facing the new Commissioner for Economic and Monetary Union lift the responsibility of the economic crisis and financial growth rates , which fell and left a number of countries mired in debt.