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EU exec urges raising crisis fund to €50 bln

  The European Union’s executive arm proposed to the bloc’s leaders on Thursday that an emergency fund for member states outside the euro zone be doubled to €50 billion ($67.46 billion), diplomats said.

“The European Commission proposed to increase this fund from €25 to 50 billion,” one EU diplomat said, adding French President Nicolas Sarkozy had backed the proposal at the bloc’s summit in Brussels.

There was no immediate confirmation from French officials that this was the case.

The fund, already tapped by Hungary and Latvia, helps EU countries outside the euro zone which have balance of payment problems. (Reuters)