Stock prices around the world roseand fell this week on news of effortsto help countries using the euro.The European Central Bank took action Wednesdayto support the worldwide financial system.Central banks in Britain, Canada, Japan,Switzerland and the United States also acted.The banks made it less costly for other countriesto borrow American dollars.The United States Federal Reserve saidthe joint effort was meant to help central banks in Europeprovide financial support to nations that need it.The action sent American stock measuresup more than three percent.On Thursday, European Central Bank President Mario Draghisuggested that the ECB may provide new financial supportfor European countries struggling with debt.But first, he said, euro-area countriesmust establish trust by enacting big financial reforms.He called for a new fiscal compact, or financial agreement.MARIO DRAGHI: "A credible signal is neededto give ultimate assurance over the short term.What I believe our economic and monetary union needsis a new fiscal compact,a fundamental restatement of the fiscal rulestogether with the mutual fiscal commitmentsthat euro area governments have made."Seventeen members of the European Unionshare the euro currency.Concern over its future has been building in recent years.The Greek debt crisis, rescue loans for Ireland and Portugal,and worries over Italy's debt have all increased fearsthat Europe may have to abandon the euro.The euro is the world's second most tradedand second most used reserve currencyafter the United States dollar.European finance ministers failedto agree on a plan to provide economic supportfor debt-troubled countries last month.European Economic Commissioner Olli Rehn saysthe need for agreement is urgent.OLLI REHN: "Overall, I could saythat we are now entering the critical period of 10 daysto complete and conclude the crisis responseover the European Union."Financial officials say a lack of economicand financial cooperationis at the heart of the two-year debt crisis.Dutch Finance Minister Jan Kees de Jager said the need for tougher rules is deep.JAN KEES DE JAGER: "Lack of economic reformsand lack of fiscal discipline has brought us into this crisis.So you also have to address these fundamental issues."That means euro-nations may have to surrender some powerover their budgets to the European Union.And that's the VOA Special English Economics Report.Lisa Bryant contributed to this report.