EU leaders meet on economy

Updated: 11:08, Monday, 2 March 2009

EU leaders have rejected a mass bail-out of central and eastern European countries

1 of 2Cowen & Topolanek - Attend EU summit
Cowen & Topolanek - Attend EU summit
2 of 2EU - Meeting on economic crisis
EU - Meeting on economic crisis

EU leaders have rejected a mass bail-out of central and eastern European countries, but are holding out the prospect of bringing them more under the protection of the Eurozone.

At a summit called to bridge differences over how to handle the global economic crisis, leaders made a new commitment to the EU's single market, a response to fears that any protectionist moves to prop up national industries would undermine EU unity.

Hungary had led calls for a €180bn aid package to rescue east European economies whose currencies have been battered in the economic downturn, and called for the two-year preparatory phase for euro membership to be shortened.

German Chancellor Angela Merkel said there could be no change to EU treaty rules requiring would-be euro members to get their economies into shape for the single currency zone, but indicated the process could be accelerated.

The summit is part of the build-up to the G20 meeting of world leaders which meets in London next month.

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