Spokesman Olivier Bailly also told reporters that the EU had received Spain?s budget plans through to 2014 and will analyse the document before delivering its verdict.
13.22 Technical staff in Spain are battling to fix a fault at the Madrid stock exchange that brought trading to a halt this morning.
Trading was suspended at 09.07 UK time, and has not yet resumed.
The cause of the glitch remains unknown, according to a spokesman.
A man looks at trading screens at the Spanish stock exchange in Madrid on Monday (Photo: EPA).
12.57 Plans to introduce a European banking union will be announced on or around September 11, according to an EU official. The plans will give the European Central Bank a centralised role in the euro area.
The official told Bloomberg that the plans would outline the role of the European Banking Authority (EBA) - which is currently based in London - and how it will work with the 10 EU nations that don?t use the euro.
12.23 Finland could be dragged into recession next year if the global economic slowdown persists, according to the country's finance minister.
Jutta Urpilainen sharply cut the country's growth forecasts to between zero and 1pc in 2013, from a previous forecast of 1.2pc.
Mr Urpilainen said that the outcome depended "very much on what happens in the international economy."
Finland exited recession in the second quarter of 2010.
Finland exited recession in the second quarter of 2010.
12.01 Solving Cyprus's problems will be painful and the government faces the prospect of not being able to pay salaries, according to leaked comments made by the "troika".
Debt inspectors from the International Monetary Fund, European Central Bank and European Commission visted Cyprus last month to assess how much aid the country may need to prop up its ailing banks, which are heavily exposed to Greece.
Minutes of a meeting seen by Reuters show that the troika found the economy in a "worse state than expected". Maarten Verwey, who represents the European Commission, was quoted as saying:
While Delia Velculescu of the IMF, said:
11.11 Holland has again sold short term debt at negative interest rates, as investors continue to seek safe havens for their cash.
In two separate debt auctions this morning, the country sold ?1.24bn of three month debt at average rates of -0.051pc, and ?1.26bn of seven month bills at average rates of -0.020pc.
10.49 The German fire brigade is out in force this morning in an attempt to extinguish talk of the eurozone tearing itself apart.
Deputy government spokesman Georg Streiter said that Chancellor Angela Merkel did not share Mario Monti's concern of a eurozone break-up. He urged ?more calm? in the political debate over responses to the crisis.
Mr Streiter also said that Mrs Merkel backed the ECB bond buying plan announced last week, adding that Germany had ?no doubt? that the central bank was acting within its mandate.
His comments contradict those made by CDU chairman Volker Kauder on German radio today (see 09.36).
10.25 Eurozone woes have topped a business "worry list" compiled by the British Chambers of Commerce (BCC).
More than half (52pc) of the 2,000 firms surveyed by the BCC believe that the eurozone crisis will have "a significant influence on their business in 2012 and 2013," while 46pc of businesses are worried about cuts to UK public sector budgets.
The survey also found that 35pc of firms believed that rules and red tape imposed by Brussels outweighed the benefits of being part of the Single Market.
John Longworth, Director General of the British Chambers of Commerce (BCC), said:
10.01 Confidence in the eurozone fell to a three-year low in August, according to German research group Sentix.
The monthly gauge of business conditions in the 17-member bloc fell from -30.3 in August from -29.6 in July, well below the 0 "neutral" reading. The report said:
Sentix also predicts a 73pc chance of a eurozone break-up.
09.45 It may be a slow day for European data, but politicians are ramping up the rhetoric. Germany's foreign minister Guido Westerwelle (below) has warned Europe's politicians "not to talk Europe apart".
Mr Westerwelle said in an e-mailed statement seen by Bloomberg. He also warned that the tone of the debate on ways to solve the debt crisis had become "very dangerous".
09.36 Angela Merkel's Christian Democrats party support Bundesbank President Jens Weidmann's opposition to a fresh round of bond buying, according to party chairman Volker Kauder.
Mr Kauder told German radio that ?It?s good that Weidmann took that position,? adding:
The German Chancellor has kept tight-lipped on her thoughts about possible ECB action, although some members of her party have warmed to the idea.
Elmar Brok told German radio last week that a move to purchase the debt of troubled states was ?a wise middle way? to solve the debt crisis.
Taking time out: Germany's Chancellor Angela Merkel and her husband Joachim Sauer attend a performance at the Salzburger Festival, in Salzburg, Austria in Sunday (Photo: EPA).
09.12 Mariano Rajoy's tenure as Spain's prime minister is on shaky ground, writes David Gardner in today's Financial Times, who claims that the silent Rajoy is deaf to the Spanish emergency.
Since winning an absolute majority last year, Mr Rajoy?s Partido Popular has liberalised rigid hire-and-fire laws, started (albeit belatedly) to clean up regional savings banks crippled by overexposure to the burst housing bubble, slashed public spending and raised taxes. While all this has won plaudits in Brussels and Berlin, it clearly does not feel like a viable programme for recovery to a surprisingly broad spectrum of Spaniards. Among the middle classes of Madrid, Barcelona and Bilbao, there is a pervasive sense of a government losing control. Even though so much about Spain?s future depends on its eurozone partners, this is an odd situation to be in for a newly elected, majority government.
One distressed PP insider says of Mr Rajoy: ?He is the wrong man, in the wrong place at the wrong time.?
[...] Indeed, an increasingly alarming feature of the Rajoy government is its inability to grasp that the world is listening to what it says as well as watching what it does. ?One sometimes gets the impression that Rajoy speaks in public as if he was addressing a parish where the internet has yet to arrive,? Jesus Ceberio, a former editor of the daily El Pa?s, wrote last week.
09.04 Italian and Spanish borrowing costs have fallen slightly this morning. The yield on 10-year Spanish debt is currently trading at 6.77pc, while the Italian equivalent is just above 6pc.
08.55 Banks should not be too big to fail, according to ECB board member Benoit Coeure.
Mr Coeure told Slovakian daily Hospodarske Noviny that
Mr Coeure added that he was in favour of a single banking body, covering all lenders ?with centralised decision-making but decentralised implementation".
He also said that the ECB should look at ways of getting cheap loans to the real economy. He told the paper:
08.36 Meanwhile, French President Francois Hollande is reportedly pushing Italy to request aid from Europe's bail-out fund in order to protect France from market speculation, according to Italian daily la Repubblica.
However, the paper said that Mr Monti was reluctant to request any form of aid, and may contact his namesake in Frankfurt, ECB president Mario Draghi for further discussions today.
French president Francois Hollande meets Italian PM Mario Monti in Paris last week (Photo: EPA).
08.30 Greece has made some progress in finding budget cuts needed to continue its bailout programme but not all work is done and international inspectors will return in September for a final verdict, officials said at the weekend.
08.22 Tensions within the eurozone over how to resolve the debt crisis are turning countries against each other and threatening to rip Europe apart, Italian Prime Minister Mario Monti warned this weekend.
Mr Monti told German news magazine Der Spiegel that he was ?concerned? about the deepening divisions and said governments ?must work hard to contain it?.
08.20 Good morning and welcome back to our live coverage of the European debt crisis.
Debt crisis live: archive
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