The national debt crisis in Europe which occurred in the wake of the rapid spread of the financial crisis in the United States is now hitting such countries as France and Spain.

France and Spain are the countries rated second and fourth in the Eurozone.

However, the interest rates of national bonds issued by those countries recently reached 7 percent, a dangerous level.

Euro value fell down when Italy sold a six month term bond with a promise to pay interest double the usual one.

National debt crisis in Europe is one of the important factors affecting world economy.

President of France Nicolas Sarkozy warned the EU would collapse unless there is an immediate step to settle the financial crisis.

This indicates the seriousness of the debts crisis and financial crisis in Europe.

Member nations of the EU are getting positive to save Euro and its zone.

The EU gave emergency relief fund to Greece several times to solve its financial crisis which was the starting point of driving the Eurozone into a predicament.

At the request of financial aid by Ireland, Portugal and Italy, the Europe Central Bank took a step of lowering the standard of interest rates.

Countries in Europe agreed to collect fund of 150 billion Euros to solve the financial crisis.

The EU summit held in December last year adopted a new economic convention the keynote of which is to intensify the control over national budgets of its member nations with a goal to implement the policy of unified currency in a uniform way.

Majority of EU members fully seconded this.

Leaders of the EU believe that the new convention will positively contribute to ensuring the lasting stability of Euro.

Xinhua news of China, conveying the decision of the EU summit, said this helped dispel the speculation that the Eurozone would meet its end. The decision offered an opportunity for solidifying the integration of Europe, it added.

Russian Prime Minister Vladimir Putin said there is no hopeless tendency as regards the national debt crisis in Europe, expressing expectation for the EU activities to save the Eurozone.

The EU efforts are still going on to save Euro and Eurozone.