The fragility of the financial systems in several eastern European countries dominated an emergency summit in Brussels. Leaders of the 27-nation bloc committed themselves to “getting the real economy back on track by making the maximum possible use of the single market, which is the engine for recovery”, according to a communiqué.
The summit was called to reaffirm core EU principles, such as avoidance of protectionism and solidarity among richer and less well-off member-states, in the face of a crisis that is putting the bloc's unity under severe pressure.
The leaders recognised the need to stop financial contagion spreading from east to west. However, they rejected an appeal from Hungary for a €180bn ($228bn, £159bn) in aid to recapitalise the banking systems of central and eastern Europe and reschedule foreign currency debt.