08/05/2010 12:00
Euro zone goes through systemic crisis, says Sarkozy
Speaking after a Friday summit of leaders from the 16 countries sharing the euro, France’s President Nicolas Sarkozy said of a “systemic crisis”. He said: “This crisis is systemic, the response must be systemic. We are now at the stage of community mechanism, it is the whole eurozone that needs to defend itself."
"There is no doubt that the eurozone is going through the most serious crisis since its creation," said Sarkozy pointing that the euro zone will work on implementing an international plan that would ensure that the financial sector made a "significant contribution" to covering the costs of the economic and financial crisis.