It has been reported that European Union finance ministers pledged to cooperate more closely to tackle the economic and finance crisis threatening the stability of the continent.

Herman Van Rompuy, the president of the European Council, said after a meeting of EU finance ministers in Brussels Friday, "I could feel a sense of urgency and a spirit of cooperation around the table. Everyone shares the will to go forward."

All 27 member states agreed on four main objectives: To push for greater budgetary discipline; to find ways to reduce the divergences in competitiveness between member states; to come up with an effective crisis management mechanism; and to strengthen economic governance to be able to act quicker and in a more coordinated and efficient manner to future crises, Van Van Rompuy has said.

The objectives are to be included in a formal agreement drafted in the coming weeks.

It was further reported that the meeting comes after parliamentarians in Germany, Europe's largest economy, on Friday green-lighted a measure that allows the country to contribute massively to an unprecedented $1 trillion loan package for economically troubled eurozone members.

The report also noted that Germany is to guarantee loans of up to $184 billion after the Bundestag voted 319 to 73 in favor of the package, which had sparked controversial debates in Germany. The major opposition lawmakers all abstained, with a far-left party voting against it. The government had lobbied for the measure, saying it was in Germany's best interest to defend the euro, the common currency for 16 EU member states. (With Inputs from Agencies)