Rehn: Monetary union at crossroads

The EU's Economic and Monetary Affairs Commissioner is warning that the eurozone crisis has placed the monetary union at a critical crossroads that could make or break the single currency.

Olli Rehn claims the Eurozone now faces either the slow disintegration of the euro area or a significant strengthening of monetary union, and added that "courageous and determined" decisions were needed without delay.

German chancellor Angela Merkel has again refused to strengthen the role of the European Central Bank, saying the independence of the ECB is vital.