UK's Darling: Europe must cooperate on economy

LONDON (AP) -- British Treasury chief Alistair Darling says European countries must work together to tackle problems in the banking system.

Darling told lawmakers Monday that it is essential the Continent coordinates its response to the world's financial turmoil.

His comments follow unilateral moves by Ireland, Germany, Austria, Greece and Denmark to guarantee bank deposits. But European Union competition chief Neelie Kroes says that those decisions pose competition concerns and could hamper efforts to stabilize banks.

Darling urged better cooperation between European allies in a statement to the House of Commons. But he says Britain is ready to do "whatever is necessary" to protect banks and depositors.

The statement comes as leaders of the EU's 27 member countries have pledged to take "all necessary measures to ensure the stability of the financial system."

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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