European finance ministers ruled out a joint stimulus package to revive the region's economy and vowed instead to coordinate national policies as they try to limit the fallout from a recession on consumers and companies.

"We do not believe that in the euro area we need a general revival package, a sort of traditional program designed to stimulate the economy," Luxembourg Finance Minister Jean-Claude Juncker told a press conference after leading a meeting of euro-area counterparts in Brussels on Monday.

Euro-area finance chiefs met hours after the European Commission slashed its growth forecasts and predicted that the economy would stagnate next year. While French President Nicolas Sarkozy has called for a joint package to help the region combat the economic slump, the ministers indicated they favor a looser system of "coordinated" measures.