URGENT ACTION NEEDED TO RESTORE CONFIDENCE ON FINANCIAL MARKETS

S&D Euro MPs urged the leaders to take "urgent actions" to restore confidence on financial markets.

Said S&D leader Martin Schulz: "The eurozone is facing a crisis of confidence from the financial markets. The crisis is spreading rapidly and affects now almost all countries of the eurozone.

"Whether it makes sense or not, investors do not believe that the EU leaders will do what it takes to save the euro.

"We need urgent action to restore confidence. Today, the European Commission has proposed to launch eurobonds. Eurobonds are by no means a gimmick. They are a realistic option for as long as the European central bank cannot act as a lender of last resort.

"We believe that a strong signal is needed from the ECB that it will face its responsibilities and do whatever is necessary to stabilize the markets. In this context, changing the treaty is not the priority.

"When the house is on fire, you need the fire brigade in a hurry . . . not a discussion on what your options might be."