PM Karamanlis stresses need for coordination at European level to tackle economic crisis.

(From Athens News Agency)

BRUSSELS (ANA-MPA/M. Spinthourakis) - Prime Minister Costas Karamanlis stressed the need here on Sunday for boosting coordination at European level to tackle the economic crisis. Karamanlis said that during the European Union's extraordinary summit, the European leaders dealt with the restoration of the banking system's operation in Europe, safeguarding the smooth functioning of the internal market and the consequences of the crisis for employment.

The prime minister said that many European economies are going through a recession and are being faced with considerable problems in the monetary sector. "Indeed, we are exeriencing the most serious crisis in the postwar era," he said.

Karamanlis further said that social problems created cannot be ignored and stressed the need for helping the sectors of the population that are worst hit by the crisis.

However, he noted that a return to protectionism must be avoided, adding that this could jeopardise a great deal of what Europe has achieved so far.

The prime minister placed particular emphasis on the need to protect such economic sectors as the car industry, tourism and shipping. He further said that problems facing the real economy were discussed, as well as the issue of strengthening the supervision of Europe's monetary ...