Addressing the plenary of the European Parliament this morning in Strasbourg, Guy Verhofstadt, President of the Liberal and Democrat group called for immediate action and an end to the string of speeches and statements of intent.

"We all know what is necessary. Unless and until we have a structural and global solution to the crisis we will simply continue fire fighting."

"The building blocks are now clear. We need a banking union, a fiscal union and a political union to underpin the Single Currency and restore stability, confidence and growth. The Parliament has been calling for a single financial supervisor and central deposit guarantee scheme for over two years now but has been rebuffed by the Council. It is time they took off their blindfolds and recognise the reality we are facing. Only a significant step forward in integration will now suffice."

"President Barroso this morning sketched out the three pillars of this comprehensive approach. He must not hesitate any longer before putting the plan on the table of the European Council, then lock the door until they have reached agreement on it."