The main progressive group in the European Parliament today rejected the "wholly inadequate" outcome of the Merkel-Sarkozy summit and condemned its failure to promote jobs and growth.
Martin Schulz, leader of the 185-strong Socialists and Democrats, said: "Once again, France and Germany ride roughshod over the rest of the eurozone by taking decisions for everyone. And once again they offer too little, too late.
"The two leaders have finally woken up to some good ideas, such as a tax on financial transactions, which my group put forward ages ago. But they have ignored solutions that offer real hope, such as the introduction of eurobonds.
"I am dismayed above all by this summit's abject failure to present measures for growth and employment.
"Faced as we are with a risk of social catastrophe, this is a time for big ideas and resolute action.
"Holding two meetings a year chaired by the President of the European Council is a wholly inadequate response. It is a long way from real and parliamentary accountable economic governance.
"To ensure that economic activity across the eurozone is consistent, we need the European Commission to take proper responsibility for economic and monetary affairs in the eurozone, as foreseen by the Treaty, in close cooperation with PM Juncker, President of the Eurogroup, and with the involvement of the European Parliament.
"Above all, we need measures to promote recovery – measures that do not leave ordinary citizens once again picking up the bill for a crisis that was caused by speculators."
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