EU leaders agree to act together to fight financial crisis

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Source: CCTV.com | 03-02-2009 08:56

European Union leaders attending an emergency summit in Brussels have agreed to act together in response to the financial crisis.

They said no to protectionism and insisted that member nations worst affected by the recession would not be left in the lurch.

European Commission President Jose Manuel Barroso (L) and Czech Prime Minister Mirek Topolanek, whose country currently holds the rotating Presidency, hold a news  conference after an emergency European Union leaders  summit in Brussels March 1, 2009.REUTERS/Yves Herman

EU leaders made a new commitment to the EU's single market at the summit on Sunday.

They said member states should make maximum use of the single market as the engine for recovery to support growth and jobs.

The EU leaders agreed that the crisis could only be overcome by coordinated action within the rules of the single market and the Economic and Monetary Union. This as they spend massive sums on financial bailouts and economic stimulus packages.

Jose-Manuel Barroso, European Commission President, said, "All the countries of Europe are working together along the same lines and that the treaties that bind us and the rules and principles that are common are respected in this specific moment."