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'Eurobonds' anyone? Officials call for EU-wide fiscal policies to ease debt crisis

But that hasn't dampened calls from critics who worry that centralizing European Union fiscal policy would impinge on national sovereignty – and possibly even worsen the crisis.

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While America’s credit downgrade and rioting in London have grabbed the headlines, the financial crisis in the eurozone rumbles on.

The European Central Bank (ECB) moved Wednesday to buy Spanish and Italian bonds in the hope of staving off a spiral in debt costs or the need to bail out such large economies.

The move was widely viewed as a positive – if stopgap – measure, but market volatility continues.

Stocks across Europe have plunged amid worries that France is about to follow the US in losing its triple A-rating. The share dive, now affecting markets across the continent with France, Germany, and Spain slumping by more than five percent, is led by fears over bank solvency. Stock in France's Société Générale alone dropped by almost 15 percent, followed by BNP Paribas and Credit Agricole losing up to 10 percent of their value.

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