EU finance ministers fail to agree

European finance ministers failed to agree on steps to shore up the banking system hours after their countries' leaders pledged to do whatever was needed to restore confidence as the continent's stocks fell the most since 1987.

There appeared to be little support for suggestions from France and Italy that Europe create a US-style bank rescue fund at yesterday's monthly meeting of euro-area finance ministers in Luxembourg.

Italian Prime Minister Silvio Berlusconi and French Finance Minister Christine Lagarde both have suggested a plan modeled after the $700 billion US fund approved by Congress last week. The meeting ended on Monday without consensus on anything beyond a reiteration of a promise by heads of state to protect deposits.