EU scrambles for co-ordinated action on troubled assets

European Union finance ministers agreed on Tuesday (10 February) to co-ordinate their different approaches to dealing with "toxic assets."

Czech finance minister Miroslav Kalousek, whose country currently holds the EU's six-month rotating presidency, said ministers adopted "common lines of communication" and highlighted the need for transparency, fair competition and public support.

Many European banks currently hold large volumes of "toxic" or "impaired" assets such as unpaid lo...