News Summary: Europe pressed to deliver growth

The Associated Press

THE CHALLENGE: The leaders of France and Spain said Wednesday that the 17 countries that use the euro already have all the tools they need to solve their debt crisis and now must put their promises into action.

THE DETAILS: French President Francois Hollande and Spanish Prime Minister Mariano Rajoy pointed to plans to increase oversight of Europe's banks and to allow a new bailout fund and the European Central Bank to buy the bonds of countries struggling with high borrowing costs.

THE OUTLOOK: Europe's debt crisis is having a disastrous effect on the economy. France hasn't seen economic growth for three quarters and Spain is in its second recession in three years. Unemployment keeps rising across the continent, especially in Spain, where it is 25 percent.