EU determined to take necessary measures: French PM

23rd October 2011, Comments 0 comments

The European Union is determined to take the necessary measures to overcome the debt crisis, French Prime Minister Francois Fillon said on Sunday.

Fillon said the success of the G20 summit in November would depend on a possible agreement at a European Union summit which opened Sunday aimed at solving the eurozone sovereign debt crisis.

"I've set out for Prime Minister Noda the issues of the Brussels meeting (Sunday) whose outcome is crucial not only for the health and development of the European economy, but also for the stability of the global economy and growth," he told reporters after meeting the Japanese premier.

"I reminded him of the utter determination of France and Germany, as well as all member countries and all EU institutions, to take the necessary measures to overcome the current crisis".

He said these could include assistance for Greece, recapitalisation of the European banks "or even whether to increase the European Financial Stability Facility (EFSF) or the need to improve the governance of the eurozone".

Fillon also thanked Japan for taking a 20 percent stake in the 440-billion-euro EFSF.

The two leaders discussed the G20 summit to be held early November in Cannes at which the 20 leading industrialised countries want to improve coordination of monetary policy and fight against the volatility of commodity prices.

"Ahead of the G20 Cannes summit, we agreed to cooperate in addressing the world economy, including the European debt issue which is an immediate challenge we are facing," Noda said.

© 2011 AFP

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