Although there was no commitment to invest in a European bailout fund, China's Premier Wen Jiabao has offered the country's co-operation to help sort out the eurozone's debt crisis. EU leaders had been hoping the Chinese would add much needed finances to the bailout fund, plus there are concerns that China won't follow through on its promises.

Europe remains China's largest trading partner (worth 560bn euros in 2011), and the International Monetary Fund (IMF) has issued a warning that a recession in Europe could halve China's growth rates. So, despite the lack of investment from China it looks as if it's very much in their interest to help ensure stability in the eurozone.

The EU's problems continue with the downgrading of Spain, Portugal and Italy by credit-rating agency Moody along with downgrading the credit outlook for France, Britain and Austria. On Sunday Greece passed a package of severe cuts in return for a 130bn euro bailout. Again the austerity measures have proved deeply unpopular leading to riots in Athens.