The EU's Economic Affairs Commissioner has said the European debt crisis is at a "turning point".
In an address to the European parliament Oli Rehn said tomorrow's EU leaders' summit is an "opportunity to seize the momentum for growth".
Commissioner Rehn's told MEPs that deficits are falling across Europe, cutting borrowing costs, but that every euro spent on servicing debt is a euro less for jobs and investments.
However, he warned that there is no silver bullet for economic growth, and if there were, "it would already have been fired".
Earlier the OECD downgraded its growth forecasts for both the Irish and Eurozone economies, stating that the crisis in the single currency area is the most significant risk to the global economy.
The Organisation for Economic Co-operation and Development also says that Ireland's economic prospects would be helped by addressing the mortgage arrears crisis.