The EU (European Union) summit on December 8-9 had failed to deliver a "comprehensive solution" to the escalating debt crisis, which could increase short-term pressure on eurozone sovereign credit profiles and ratings, rating agency Fitch said on Monday.

Last Thursday and Friday's summit demonstrated strong political support for the euro currency, the agency said in a statement, adding that eurozone members were "putting in place the institutional and policy framework for a more viable eurozone and ultimately greater fiscal union."

"But taking the gradualist approach imposes additional economic and financial costs compared with an immediate comprehensive solution," the agency said.

"It means the crisis will continue at varying levels of intensity throughout 2012 and probably beyond, until the region is able to sustain broad economic recovery," it added.

In the short term, Fitch predicted a significant economic downturn across the region.

The rating agency forecasted a 0.4 percent GDP growth for the eurozone next year and 1.2 percent in 2013. The figures could be significantly higher if a comprehensive solution to the crisis was in place, it said.

(Xinhua News Agency December 12, 2011)