As the US financial crisis continues to unsettle global financial markets, Brussels has said American legislators need to start meeting their obligations. But will the strong words have any effect?

In an unusually strong statement, the European Union has called American lawmakers to order for failing to reach agreement on a $700 billion plan to shore up foundering financial institutions and markets.

"The US must take its responsibility in this situation, must show statesmanship for the sake of their own companies and for the sake of the world," European Commission spokesman Joseph Laitenberger told journalists.

The statement came after the US House of Representatives narrowly rejected the bailout plan on Monday, September 29.