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LONDON (MarketWatch) -- European Union finance ministers said in a joint statement released Tuesday that they had agreed "to take all necessary measures to enhance the soundness and stability of our banking system and to protect the deposits of individual savers." After a monthly meeting in Luxembourg, the ministers said they had agreed to "coordinate" actions and to consider potential cross-border effects of decisions by individual countries. The ministers emphasized "the appropriateness of an approach including ... recapitalization of vulnerable systematically relevant financial institutions" in order to protect the interests of depositors and the stability of the financial system. The statement said ministers agreed that all EU member states would guarantee deposits of at least 50,000 euros for individuals.