Green group's co-presidents Rebecca Harms and Dany Cohn-Bendit:

..."In order to stanch the sovereign debt crisis, until a more durable, treaty-based solution can be implemented, EU leaders need to finally support the only short-term solution at hand: the backstop of the European Central Bank.

"The European Central Bank has been playing the role of lender of last resort to the private sector for a long time. It is also already de facto playing this role for eurozone sovereigns to some extent.

..."The failed intergovernmental approach, which so far has only delivered damaging pro-cyclical austerity and brought the euro to the brink, must be jettisoned. This implies tasking the European Commission with the economic governance of the euro, while providing for commensurate democratic oversight by the European Parliament and Council.