European Union finance ministers, are holding talks in Brussels, to set up a rescue mechanism, for the euro to stabilize the shared currency.

The EU's, slow response to the crisis and its failure to keep Greece from reaching the brink of bankruptcy triggered slides in the euro and global stocks last week.

The ministers, are struggling to keep speculators from targeting weaker eurozone members before world markets open. They say they're determined, to safeguard the currency, used by 16 of the EU's 27 members.

The euro, has come under increasing pressure, since the financial meltdown of one of its members, Greece.

Elena Salgado, Spanish Economy Minister, said, "We are going to defend the euro but we think that we have to give more stability to our currency and we will do whatever is necessary to reach these objectives.''

Anders Borg, Swedish Finance Minister, said, "We now see herd behaviours in the market, that are really pack behaviours, wolfpack behaviours, and if we will not stop these packs, they will tear, even if it is self-inflicted weakness, they will tear the weaker countries apart. So it's very, very important that we now make progress."

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