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Page last updated at 07:48 GMT, Friday, 5 August 2011 08:48 UK

Prodi: 'A problem of power' in Europe

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European markets have continued the global shares sell off, with investors worried about the eurozone debt crisis and the strength of the US economic recovery.

As in the 2008 crisis, there is a concern that politicians "will not or cannot resolve" the economic problems in the eurozone, economics editor Stephanie Flanders told the programme.

Former Italian prime minister Romano Prodi seconded her analysis, saying there was "a problem of power in Europe".

"We don't know who is in charge," he told Evan Davis.

"The weakness of EU institutions is not by chance… the populistic mood is becoming more and more strong in Europe."

Olli Rehn, the EU commissioner for monetary policy, said it was of "paramount importance" that European politicians carry through the Greek rescue plan.

"It is now essential to speed up the [rescue fund] implementation… in order to make this agreement… materialise."

The EU Commission is "assessing all possible options" in "the long term architecture of the eurozone," he said.


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