India has a stake in Eurozone's success: PM

India like all other countries, has a stake in Europe's prosperity as or own prosperity depends on the success of the Eurozone, Prime Minister Manmohan Singh said prior to his departure for Cannes, France for the G-20 Summit.

The Cannes summit takes place against the backdrop of the Eurozone sovereign debt crisis, which now threatens to engulf the whole of Europe and the global economy as well.

The Eurozone debt crisis can be addressed only if the leadership among Eurozone countries shows the political will to take hard decisions and restore confidence in the markets, the prime minister said.

He said governance is the key to addressing the economic challenges in Europe and elsewhere and results depend on how swift these decisions are taken.

He said while the previous twin summits of the European Union and Eurozone a few days ago have helped to restore a measure of confidence in the markets, much needed to be done to meet the real economic challenges in Europe and elsewhere.

"It is important for the Cannes summit to signal a strong and coordinated approach to put the global economy back on track, while addressing medium term structural issues," the prime minister said.