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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 Top Stories Most Popular Photos Sitemap Europe finance heads mull tighter fiscal monitoring AFP - Friday, May 21 Send IM Story Print Migrant workers perform during a demonstration marking a 24-hour general strike against austerity measures in central Athens. A European economic task force holds its first meeting Friday to beef up economic and budgetary surveillance in member states after the eurozone debt crisis which has roiled world markets. BRUSSELS (AFP) - – A European economic task force holds its first meeting Friday to beef up economic and budgetary surveillance in member states after the eurozone debt crisis which has roiled world markets. The Brussels meeting of European finance ministers will be presided over by EU president Herman Van Rompuy on the day the German parliament is to approve participation in a trillion-dollar bailout for debt-riven eurozone countries. It comes after recent financial market doubts about Europe's unity in the face of the crisis, which French President Nicolas Sarkozy sought to douse by denying a rift with Germany. Sarkozy on Thursday said he backed German Chancellor Angela Merkel's call for tougher punishment for nations that run public deficits above permitted levels, which include withholding EU funds and withdrawing voting rights. "We have no disagreements together. That's why we talk together," Sarkozy stressed. Despite the efforts of Europe's two biggest economies to get a grip on the crisis, global stock markets suffered a fresh sell-off Thursday as a surprise jump in US jobless claims added to concerns about European unity. Concerns about a Greek default shook US markets, helping the Dow Jones Industrial Average to sink over 376 points or 3.6 percent. Washington meanwhile announced that US Treasury Secretary Timothy Geithner will visit Europe next week for emergency talks, stopping in Britain and Germany on Wednesday and Thursday. Related article:US Treasury chief to visit Europe for crisis talks In Germany, Geithner is expected to meet Finance Minister Wolfgang Schaeuble and the head of the European Central Bank Jean Claude Trichet, both key players in a crisis that started in Greece, but now threatens the very existence of the euro. Germany had been reluctant to play a central role in bailing out Athens, but has since stepped in -- providing cash and introducing controversial measures to clamp down on market speculation. Trichet, the head of the normally conservative central bank, has been forced to prop up credit markets, promising to buy up undesirable national bonds. Merkel, whose country has unilaterally moved to curb speculative trading, earlier pressed the case for a tax on financial markets to help tame excesses blamed for the global economic slump. "We have now stated that we will campaign for a tax on the financial markets and we will campaign for that at our (G20) summit in Canada," she told a conference on financial regulation. Merkel stunned markets on Wednesday when Berlin banned so-called naked short selling -- the sale of bonds or shares by market players who neither hold the security nor have borrowed it to make their trade. Dutch lawmakers on Thursday followed suit with the lower house of parliament backing a motion asking the government to outlaw naked short selling of eurozone government bonds. The crisis in Europe is being driven by debt and public deficit levels which have soared way above EU rules as governments increased spending to get their economies through the worst recession in generations. Now the bill is coming due, with markets demanding ever higher rates of interest to provide money to such governments. That in turn makes the state finances worse and eventually led Greece to call in the EU and IMF to organise a 110-billion-euro bailout earlier this month. International Monetary Fund head Dominique Strauss-Kahn has said there was no risk of the 16-nation eurozone splintering but warned the crisis could cost Europe its credibility. "I do not believe that the eurozone is at risk of breaking up, on the other hand, I believe that the risk is that it works badly, that it functions badly," he told the television station France 2. "The whole world is watching this... and is losing confidence in Europe," he said. 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