French PM: Europe moving towards eurozone economic government

PanARMENIAN.Net - Europe is moving towards an economic government for the 17-nation eurozone, French Prime Minister Francois Fillon said Friday, October 21, ahead of what he called a "decisive" summit on the bloc's debt crisis.

"Europe is moving resolutely towards an economic government of the eurozone," he told South Korean business chiefs at a seminar in Seoul.

Sunday's European Union summit would be a "decisive meeting", he said, although another summit is already planned for Wednesday as the eurozone battles to prevent Greece's problems from spilling over more widely.

Fillon said the crisis had exposed the "oversights" in the continent's monetary union, and that the world economy and governance was approaching a "moment of truth".

But he stressed: "Today Europe is faced with a new challenge. As she has always done in the past, she will overcome the tests and emerge strengthened.

"I encourage you to have confidence in Europe," Fillon told members of the French-Korean chamber of commerce and other Korean business leaders, ahead of a weekend visit to Japan.

EU ministers were to begin pre-summit talks Friday, amid hopes the leaders will agree to strengthen Europe's financial rescue facility and to recapitalize banks.

But rifts over how to solve the eurozone debt crisis which threatens the world economy have forced the 17-nation zone to call a fresh summit next Wednesday, AFP reported.