Euro needs firewall to protect its stability, Cyprus says

Cypriot Finance Minister Vassos Shiarly said Wednesday the euro area countries agree on the need for a financial firewall to ensure stability in the region.

?Our current position in the euro group on firewalls is that we believe in this principle because we believe in the institution of stability,? Shiarly said in Nicosia.

Cyprus assumes the European Union?s presidency on July 1.

Andreas Charalambous, director of economic research and European Union affairs at the Finance Ministry, said there is consensus among euro area members to turn the temporary support mechanism into a permanent one and increase the funds and tools it has available to support countries or banks. [Bloomberg]