EU’s Rehn says Europe needs coordinated action

The euro zone needs coordinated action to resolve its debt crisis, EU Economics and Monetary Affairs Commissioner Olli Rehn said on Thursday.

"We have to take well-coordinated action to safeguard stability in the euro area. The current situation is not a crisis of the euro, Greece is not the only country facing major challenges," Rehn said in a speech in Athens.

Bickering among European Union leaders escalated on Wednesday over a proposal for joint euro zone bonds to overcome the bloc's debt crisis, with Germany saying it opposed the idea on legal and economic grounds.