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PRESIDENT OF the European Council Herman Van Rompuy has said the financial crisis obliges EU leaders to takes steps down the road to “economic governance” in the union, arguing that they were in fact already moving in that direction.

Against the backdrop of acute concern about the Greek financial crisis and renewed efforts to intensify economic co-ordination in the wider union, Mr Van Rompuy said the union’s economic policy had to be strong to confront the challenges it faces.