The economic and financial affairs council, Ecofin met in Wroclow in Poland amidst mounting concern over a Greek default, when to release the next eight billion euros to Athens and the effect the debt crisis is having on the global markets.
The Polish Finance Minister, Jan Vincent-Rostowski speaking after the meeting which included non member states ruled out the possibility of a two speed economy developing.
“The discussions between ourselves and Ecofin was long. We talked about the prospects of ever greater integration within the European Union, and particularly in the euro zone, to create the best conditions for our economy to make it secure yet it will not lead to the emergence of a dual economy within Europe, “ he said.
In an unusual step, US Treasury Secretary Timothy Geithner was there for discussions at what is normally a meeting for European leaders and officials only.
Its been reported he said the governments and central banks need to take out the catastrophic risk to markets.
Eurozone leaders will decide in October whether to release the next eight billion euros in bailout loans to Greece.