Sarkozy Warns of Last Chance to Solve EU Debt Crisis

French President Nicolas Sarkozy warned Thursday that Europe was facing an unprecedented risk from its debt woes and said a crucial EU summit was the last chance to solve the crisis. Photo by EPA/BGNES

Europe faces an unprecedented risk and the two-day European Council meeting should be seen as the last chance for solving EU's debt crisis, according to French President Nicolas Sarkozy.

Never has the risk of disintegration been greater for Europe, the French President told a gathering he told a meeting of European conservative parties in the French city of Marseille on Thursday.

"We must act straight away. The longer we wait to take this decision, the more it will cost and the less effective it will be," Sarkozy warned.

"If we don't have an agreement on Friday, we will not have a second chance," he added.

Addressing the annual congress of the members of the EPP, he stated that all EU member states should back the reforms he proposed jointly with German Chancellor Angela Merkel, "so that no-one is left behind."

Sarkozy and Merkel will present details of their plans at the summit.

On Monday, the two European leaders agreed on a number of measures set to be enshrined in EU Treaties or as additional treaties, which include automatic penalties for failure to keep up with fiscal discipline rules.

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