‘It is inevitable that European countries will have to hand over more sovereignty to guarantee the stability of the eurozone,’ the Volkskrant quotes the ‘five presidents’ of Europe as saying in a new joint report.

The euro crisis shows that voluntary agreements are not enough to prevent situations such as that involving Greece, say the five, who include Dutch finance minister Jeroen Dijsselbloem.

Dijsselbloem is chairman of the influential Eurogroup and has a leading role in efforts to prevent Greece leaving the eurozone. The other signatories are Commission chairman Jean-Claude Juncker, EU president Donald Tusk, European central bank chief Mario Draghi and European parliament chairman Martin Schulz.

The report is due to be presented later on Monday, the Volkskrant says.

The five leaders stress that the eurozone must do more than ‘survive’ and that all  citizens, companies and member states must benefit from the euro. ‘We have agreed to strengthen monetary union,’ Dijsselbloem is quoted as saying.

The report will be discussed by European leaders at the European Council summit on Thursday evening.

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