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Leaders pledge stability in eurozone by all means

05-08-2010 08:25 BJT Special Report: Europe's Debt Crisis |

BRUSSELS, May 8 (Xinhua) -- Leaders of the 16 euro-zone countries have pledged to ensure the stability of the area by all means amid mounting concerns that the Greek debt crisis will destabilize the currency.

At the midnight news conference following an emergent euro-zone summit on Friday, European Council President Herman Van Rompuy said leaders reaffirmed their commitment to ensure "the stability, unity and integrity" of the euro area in the exceptional crisis.

"All the institutions of the euro area (the European Council, the European Commission, the European Central Bank) as well as all euro area member states agreed to use the full range of means available to ensure the stability of the euro area," he said.

European Commission President Jose Manuel Barroso said leaders of the euro area showed unity around the currency and would "defend the euro whatever it takes."

In a joint statement, leaders agreed to reinforce budgetary surveillance and strengthen economic coordination within the euro area, in a bid to avoid Greek-style crises in the future.

"The Commission will propose a European stabilization mechanism to preserve the financial stability in Europe," it said, adding the proposal is to be submitted on Sunday as EU financial ministers convene.

According to the statement, a task force headed by Van Rompuy is to be formed to enhance the governance of the euro area.


Editor:Zhang Pengfei |Source: Xinhua

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