EU mulls new approach on financial woes

(CNN) - European finance ministers were meeting in Luxembourg on Tuesday to address the global financial meltdown.

They were considering, among other things, a European-wide approach to the worsening problem, as opposed to letting individual countries deal with financial woes in their respective countries.

One proposal called for a Europe-wide guarantee of private savings of up to 100,000 euros ($135,600), the Irish Department of Finance said.

"The main issue is ensuring confidence and stability throughout our European banking system," Irish Finance Minister Brian Lenihan told reporters.