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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Danger and doubt stalk eurozone crisis talks AFP - Monday, December 6 Send IM Story Print Danger and doubt stalk eurozone crisis talks BRUSSELS (AFP) - – Europe's finance ministers meet in Brussels on Monday with Ireland's bailout endangered by domestic politics and the response mechanism to the wider eurozone debt crisis surrounded by doubts. When eurozone ministers gather Monday, followed by their full European Union partners Tuesday, they will seek to move from fire-fighting to securing solid future foundations for the eurozone at the December 16-17 EU summit. "If the 1990s was the decade of constructing the economic and monetary union, and the 2000s the decade of turning it into reality, we are now at the beginning of the decade of its fundamental reform," the EU's Economic and Monetary Affairs Commissioner Olli Rehn said in a speech to employers Friday. He said the challenge posed by the debt crisis, which has seen markets push up borrowing rates for heavily indebted countries, is of "finally creating a real and functional economic union." Such an economic union is required to "create a solid foundation for the euro, and thus for European integration" as a whole, he added. The debt crisis has exposed the fundamental flaw of the eurozone as a monetary union without a functional fiscal union, and the markets are now forcing euro states to slash spending as they have been unable to police themselves. The 16 eurozone states have agreed in principle to tighten fiscal monitoring and to strengthen elements of the currency union, but giving up sovereignty over budgets will likely prove a difficult political pill to swallow. Moreover, it may be early to put away the fire-fighting equipment. Portugal is widely seen as in imminent need of aid. Ireland's new austerity budget -- an essential condition for 67.5 billion euros (90 billion dollars) of international loans and guarantees -- is likely to receive a difficult reception by lawmakers on Tuesday. Opposition parties have accused Irish Prime Minister Brian Cowen of "selling out" Irish sovereignty and "taking the nation to the pawn shop", and a poll published Friday showed that just one person in 12 supports his handling of the crisis. Even if the budget does pass, Cowen has promised to call elections after the New Year, raising concerns whether Ireland will really be able to implement the programme of difficult spending cuts and tax hikes. The European Central Bank stepped up its bond purchases this past week, traders said, providing some temporary relief for weaker eurozone members with the rates they must pay to borrow money falling. But ECB chief Jean-Claude Trichet made it clear that governments have to pull their weight as well. On Friday, he appealed again to "the capacity of European authorities to draft and implement a truly effective system of macroeconomic and budgetary surveillance." It is "important that their capacity be as effective as possible including when quantity is at stake," he said later in response to a question whether the 440-billion-euro (590-billion-dollar) EU rescue fund should be increased. Monday's talks kick off a series of formal meetings rising ever higher up the EU power chain and which will culminate with decisions at a full summit towards the end of the following week. Before Christmas kicks in, EU leaders want to resolve a series of debates. First, they're looking to decide whether to increase the rescue fund set up after the Greek bailout, and which analysts say might not be sufficient if a major country like Spain finds itself unable to borrow money on the markets. Second, EU leaders want to move forward on amending the bloc's Lisbon Treaty to put some teeth on sanctions on profligate eurozone countries. They also need to bring more clarity on a permanent mechanism for responding to similar crises. Statements made so far on bond investors sharing some of the costs of future bailouts have only resulted in driving up borrowing rates even further on the most vulnerable eurozone states. 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