'Systemic crisis' faces euro zone: EU's Barroso (by MarketWatch)

FRANKFURT (MarketWatch) -- European Commission President Jose Manuel Barroso on Wednesday warned that the euro zone now faces a "systemic crisis" that will require deeper commitments by all member countries to overcome, news reports said. "We are indeed now facing a systemic crisis that requires an even stronger commitment from all and that may require additional and very important mesures," he told the European Parliament in Strasbourg, France, according to Reuters. Barroso repeated a call for deeper economic integeration among euro-zone members and said new measures aimed at increasing oversight of budgets produced by euro-zone countries would be implemented as early as next month, the report said.