European leaders meet in Brussels at the end of the week for a summit expected to focus partly on whether the EU’s financial institutions and regulations are fit for purpose.
Ahead of the meeting, the President of the European Council, Herman Van Rompuy, has been talking to Euronews to give his views on the current financial turmoil.
“The different interest rates, are in our opinion only temporary,” said EC President Herman Van Rompuy.
“Once confidence is restored the differential spread of rates will narrow in line with those in Germany.”
“But it is necessary that confidence returns.
And it won’t return if there are no tangible results from the various economic and budgetary plans. The markets are waiting so see good results.
For example in Greece the first indications are good – according to the evaluations made by the European Commission, the European Central Bank and the IMF its all positive.But it must be a sustained effort over a period of two or three years,” said Van Rompuy.
For more on Van Rompuy’s apparent optimism about the bloc’s financial cohesion you can catch the interview in full on Euronews this evening.