By Simon Miller

European leaders have called on the European Commission to restore confidence in business and financial markets to offset a "crisis of growth".

In a letter signed by twelve leaders including UK Prime Minister David Cameron called for action on the single market, the digital single market and the internal energy market.

In addition, the letter called for a European research area, increased global trade agreements, a reduction in the regulatory burden on business and strengthening of the internal EU labour market.

Finally it called for steps to "build a robust, dynamic and competitive financial services sector".

The letter said: "Implicit guarantees to always rescue banks, which distort the single market, should be reduced. Banks, not taxpayers, should be responsible for bearing the costs of the risks they take."

"Each of us recognises that the plan we propose requires leadership and tough political decisions. But the stakes atre high and action in many of these areas is long overdue," the leaders added.

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