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Wednesday, November 16, 2011

Eurozone faces systemic crisis, says EU's Barroso

European Commission President Jose Manuel Barroso has warned that the eurozone faces a "systemic crisis" that needs deeper integration to resolve.

He told the European Parliament in Strasbourg that further measures might be needed to tackle the debt crisis.

"Without this increased integration, convergence and discipline, we will not be able to sustain a common currency," he added.

His comments came as figures showed eurozone inflation was stable at 3%.

The rate of inflation across the 17-member zone in October remained unchanged from the month before, according to the EU statistics agency, as energy costs remained high.

The rate is still above the European Central Bank's target of just under 2%, but analysts suggested that the rate could fall in the coming months. more