“European Council: There will be no silver bullet solution” - Sharon Bowles MEP

Speaking today ahead of European Council conclusions, Sharon Bowles MEP, who chairs the European Parliament's Economic and Monetary Affairs Committee, warned there would be no silver bullet solution to the EU's current problems.

Sharon Bowles MEP said:

"There will be no silver bullet solution but three things on the forefront of everyone's mind at the moment are: enhancing the EFSF rescue fund, solving Greece, and recapitalising our banks.

"Expanding the EFSF recue fund is the biggest bit of this real time experiment and we don't know where it will lead - perhaps China, perhaps the ECB.

"On Greece, a write-down of their debt seems inevitable but the stigma attached to it means Portugal and Ireland will not want to follow.

"Recapitalising banks comes just in the nick of time.

"Hopefully, finding solutions to these three items tonight will buy Europe the breathing space to get a bit of stability in the markets and inspire growth which is sorely lacking in this whole conundrum."

ENDS

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