EU chiefs call for action to prevent euro collapse

Two of the EU’s most high-ranking officials have warned of the danger of the eurozone disintegrating and emphasised the need for immediate new structures.

ECB chief Mario Draghi said the eurozone was unsustainable in its current form and that an economic union must be completed.

Economics Commissioner Olli Rehn was equally direct in spelling out the need for structures to prevent further financial contagion and cut borrowing costs.