The President of the EU Council Herman Van Rompuy warned Wednesday that the economic situation is worsening.
“Growth is slowing down in Europe and globally, partially due to the sovereign debt risks in certain countries, which also have an impact on the banking sector,” he said in his invitation letter to the 27 EU leaders for the summit meeting in Brussels on Sunday.
The summit, said the letter, will concentrate on all the measures required to consolidate budgets, reduce debt levels and preserve financial stability.
In another letter to the leaders of the 17-member Eurogroup who will hold a separate summit also on Sunday, Van Rompuy said the developments in sovereign and corporate debt markets clearly show that the crisis is not over.
“I would therefore like to concentrate our discussion on further efforts required to stabilise the situation, restore confidence and foster economic growth and employment,” he added.