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Full statement by leading EU finance ministers

Here is the statement in full issued by finance ministers George Osborne of the UK, Christine Lagarde of France, Wolfgang Schauble of Germany, Italy's Giulio Tremonti and Spain's Elena Salgado:

"At its meeting on 29 October 2010, the European Council discussed the future arrangements for ensuring economic and financial stability in the European Union.

"Whatever the debate within the euro area about the future permanent crisis resolution mechanism, and the potential for private sector involvement in that mechanism, we are clear that this does not apply to any outstanding debt and any programme under current instruments.

"Any new mechanism would only come into effect after mid-2013 with no impact whatsoever on the current arrangements.

"The EFSF (European Financial Stability Facility) is already established and its activation does not require private sector involvement.

"We note that the role of the private sector in the future mechanism could include a range of different possibilities, such as a voluntary commitment of institutional investors to maintain exposures, a commitment of private lenders to rollover existing debt or the inclusion of collective action clauses in future bond emissions of euro area member states."

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