The European Union Finance Ministers have agreed that there is a need to be tougher on member states' budgets in the wake of the Greek debt crisis. And following criticism that Europe did too little, too late to defend the euro, they pledged to react quicker and more efficiently in future. At the first meeting of a new EU economic taskforce, they agreed new sanctions were needed to enforce rules. Countries that break deficit limits could lose EU money or voting rights. The meeting in Brussels comes at the end of another week of turmoil on the markets as European countries grapple with the aftermath of the debt crisis in Greece. The euro fell to its lowest level for four years against the dollar in the last few days and share markets have seen big sell-offs. The EU taskforce comprises finance ministers from all 27 member nations of the European Union, European Central Bank President Jean-Claude Trichet, EU Commissioner for Economic and Financial Affairs Olli Rehn, Eurogroup President Jean-Claude Juncker, and Mr Van Rompuy. <br/>