Europe
        

Economy

EU president sees no need to boost rescue fund

Updated: 2010-12-17 10:55

(Xinhua)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

BRUSSELS - President of the European Council Herman Van Rompuy said on Thursday he saw no need to increase the existing rescue fund at the moment but did not rule out the possibility of doing so in the future.

Van Rompuy said that only 4 percent of the bailout fund has been used until now, so the question of expanding it was not posed during the summit meeting.

Related readings:
EU president sees no need to boost rescue fund EU leaders agree on treaty change: Van Rompuy
EU president sees no need to boost rescue fund What changes will Lisbon Treaty bring for EU
EU president sees no need to boost rescue fund EU leaders meet to create permanent rescue mechanism 

But the president did not rule out the possibility of doing so in the future.

"The heads of state and government of the Eurozone stand ready to do whatever is required to ensure the stability of the Eurozone as a whole," he stressed.

European Commission President Jose Manuel Barroso echoed Van Rompuy's words, saying "we are ready to do whatever it takes to safeguard the stability of the Eurozone."

Some EU member states have advocated for enlargement of the fund to dispel market concerns, but Germany is against the idea on the ground that only a small portion of the fund has been used.

The EU set up a 750-billion-euro rescue fund jointly with the International Monetary Fund in May to bail out countries which may follow the suit of Greece. The provisional mechanism will expire in mid-2013.

E-paper

Ear We Go

China and the world set to embrace the merciful, peaceful year of rabbit

Preview of the coming issue
Carrefour finds the going tough in China
Maid to Order

European Edition

Specials

Mysteries written in blood

Historical records and Caucasian features of locals suggest link with Roman Empire.

Winning Charm

Coastal Yantai banks on little things that matter to grow

New rules to hit property market

The State Council launched a new round of measures to rein in property prices.

Top 10 of 2010
China Daily in Europe
The Confucius connection