Mission for eurozone leaders

The odds of a safe landing for eurozone seem to be decreasing unless European leaders act decisively on reform measures.

Despite the European Central Bank's vow to draw up a mechanism to make outright purchases and stabilize the eurozone borrowing costs, the lack of more in-depth systematic reforms will see such measures achieve only temporary results. Bank President Mario Draghi said on Thursday the body may undertake "outright open market operations of a size adequate to reach its objective".

The latest economic survey has cast a gloom over Europe. Financial information provider Markit's purchasing manager's index (PMI) for eurozone manufacturing, unchanged at 45.1 in June, is at its lowest since June 2009. Some forward-looking indicators, such as business expectations index, also show that the eurozone economy is de facto in recession.