Commenting today on proposals drawn up by Messrs van Rompuy, Barroso, Draghi and Juncker to submit to EU leaders at the end of the week, Guy Verhofstadt, Liberal and Democrat group leader, said:

"Not before time, concrete plans are finally being tabled to create the kind of structural solution to tackle the Eurozone crisis and end the months of dithering and partial solutions. News of a report from the Heads of the European Council, Commission, ECB and Eurogroup are a sign that this week's summit may not be another lost opportunity but will address serious proposals for a genuine fiscal and political union."

"The crisis is worsening by the day, as yet another Eurozone Member State seeks bailout assistance. This week's summit may be the Eurozone's last chance saloon."

"Markets are not expecting a miracle overnight solution but they are looking for a credible and substantive plan that has broad consensus and will restore both confidence and stability. The combination of a centralised European fiscal authority to supervise banking operations and obliging governments to place commonly agreed limits on debt levels, together with a roadmap for the partial mutualisation of debt will go along way to ending this vicious circle of ever increasing indebtedness."

"The ball is now in the court of Mrs Merkel and other EU leaders to accept this solution or plunge Europe into deeper and deeper trouble."