The European Commission today said it is working on "instruments" to aid financially distressed governments in the euro area.
"We have to have solidarity in the European Union," President Jose Barroso told reporters in Brussels today.
"The concrete instruments, we will present them in due time. I should not feed this kind of speculation at this moment."
Greece, struggling to cut the highest budget deficit in the euro's 11-year history, today announced €4.8 billion in additional savings to avoid having to fall back on EU assistance.
In a 10-year economic policy proposal, Mr Barroso called on European governments to set up a "framework for addressing imminent threats for the financial stability of the euro area as a whole."
The proposal included tighter monitoring of national economic competitiveness and current-account imbalances with greater power for the commission, the EU's executive agency, to push governments to change their policies.
Bloomberg