Wednesday, October 19, 2011
Barroso: ‘We are at a crucial moment that will define Europe’s future’
Barroso said today he expects strong agreement at a weekend summit of European leaders for guarantees to members of the euro single currency zone.
European Commission President Jose Manuel Barroso said today he expects strong agreement at a weekend summit of European leaders for guarantees to members of the euro single currency zone and observed Europe is facing a “crucial and future defining moment.”
"In the summit on Sunday, obviously we expect a response, a strong response, to provide guarantees to all the countries in the euro zone, including Spain," Barroso told a news briefing, when asked if he thought euro zone leaders might take any decision about assistance from the European Financial Stability Facility (EFSF) for Spain.
"And obviously I can't pre-empt specific decisions taken concerning Spain, and this would have to be considered together with the Spanish authorities anyway. But boosting the European stability fund is precisely so that if necessary we can respond to the situations in countries which are not currently covered by a programme," he said.
"In the euro zone we've got Greece, Ireland and Portugal covered by a programme. There are other countries which might benefit from the European stability fund if necessary, but we can't right now pre-empt any decisions taken on Sunday."
Barroso did not comment directly on a decision by Moody's rating agency to downgrade Spain's credit rating.
"In the summit on Sunday, obviously we expect a response, a strong response, to provide guarantees to all the countries in the euro zone, including Spain," Barroso told a news briefing, when asked if he thought euro zone leaders might take any decision about assistance from the European Financial Stability Facility (EFSF) for Spain.
"And obviously I can't pre-empt specific decisions taken concerning Spain, and this would have to be considered together with the Spanish authorities anyway. But boosting the European stability fund is precisely so that if necessary we can respond to the situations in countries which are not currently covered by a programme," he said.
"In the euro zone we've got Greece, Ireland and Portugal covered by a programme. There are other countries which might benefit from the European stability fund if necessary, but we can't right now pre-empt any decisions taken on Sunday."
Barroso did not comment directly on a decision by Moody's rating agency to downgrade Spain's credit rating.
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