Final statement from euro zone summit in Paris

PARIS (Reuters) - Leaders of euro zone countries held an emergency meeting on Sunday to decide pan-European measures aimed at propping up the battered financial sector.

Here is the full final statement released after the summit.

DECLARATION ON A CONCERTED EUROPEAN ACTION PLAN OF THE EURO AREA

COUNTRIES

1) Financial systems contribute essentially to the well functioning of our economies and are therefore a necessary prerequisite for growth and a high level of employment. Millions of depositors have trusted their wealth to our financial institutions. The consequences of the current financial market crisis jeopardize the crucial economic role of the financial system.

2) Since the beginning of the crisis, we have acted to address the challenges posed to our financial system: we have committed ourselves to take decisive action and use all available tools to support relevant institutions and prevent their failure and effectively acted in several cases ; we have increased transparency and disclosure on banks exposure ; we have enhanced retail deposit guarantee protection.

3) Further concerted action is urgently needed given the persistent problems of bank financing and the contagion from the financial crisis to the real economy.

4) We confirm today our commitment to act together in a decisive and comprehensive way in order to restore confidence and proper functioning of the financial system, aiming at restoring appropriate and efficient financing conditions for the economy. In parallel, Member States agree to coordinate measures to address the consequences of the financial crisis on the real economy, in line with 7th of October Ecofin conclusions. In particular, we welcome the EIB's decision to mobilise 30 billions - to support European SME's and its commitment to step up its ability to intervene in infrastructure projects.

5) As members of the Euro area, we share a common responsibility and have to contribute to a common European approach. We invite our European partners to adopt the following principles so that the European Union as a whole can act in a united manner and avoid that national measures adversely affect the functioning of the single market and the other member States.