(PARIS) - Europe's press was split Sunday over a summit accord by the EU's top four economies on battling the global finance crisis, hailing a powerful message of unity or dismissing it as too little too late.

France's Journal du Dimanche newspaper gave President Nicolas Sarkozy credit for clinching an agreement at the mini-summit in Paris on Saturday, in spite of deep divisions over a US-style joint bail-out plan that was finally shelved.

"Sarkozy shakes up Europe," wrote the paper, saying the British, French, German and Italian leaders had started to lay down "a new rulebook for the world economy."

"For the president, it is a success," the paper trumpeted, in an upbeat piece listing "10 reasons not to panic" about the global fallout from the crisis on Wall Street.

"The summit of hope," headlined France's Le Parisien. "The leaders... had every reason to be satisfied. They found an agreement, a basic one but an agreement all the same."

Italian press commentators had an equally positive spin.

"Europe stands firm," headlined both the biggest daily Le Corriere della Sera, and the business title Il Sole-24 Ore.

For the latter, the outcome exceeded "the most optimistic expectations" and sent out a much-needed message to panicked markets.

"In these times of exaggerated excitement and loss of confidence, Europe's quiet but determined voice can play a precious role in appeasing the financial markets."

Britain's The Observer wrote of "an opportunity for change," saying Saturday's meeting suggested "a real effort by member states to overcome instinctive divisions over how to run an economy."

But it warned that "even with the EU mobilised and the US bailout approved, the road ahead is desperately uncertain.

"Emergency liquidity funds might help douse the flames in the financial markets, but the discussion about what should be built in the smouldering remains has barely even begun."

Spanish commentators, many stung that their leaders were excluded from the big-four meeting, took a darker line.

"Europe gives up on a joint rescue plan against the crisis," wrote the centre-left El Pais, lamenting that the European Union "lacks the necessary institutions to respond as the United States has done.

"In the EU, even a minor crisis could be devastating because of the lack of an institutional framework and political will."

The centre-right El Mundo criticised a "late and disunited response," while the conservative ABC complained that "the leaders of all of Europe's biggest economies were not present."

Several smaller EU countries have complained of being excluded from the strategic talks.

Spain's Economy Minister Pedro Solbes hit out against the idea -- championed by German Chancellor Angela Merkel -- that the banking crisis can be handled at individual state level.

"I cannot see a national solution. It must come from Europe," he told El Mundo.

British Prime Minister Gordon Brown, France's Sarkozy, Germany's Merkel and Italian premier Silvio Berlusconi vowed Saturday to coordinate their efforts to protect fragile banks, but said they would act primarily at national level.

They also agreed to punish failing bank executives and called for a rapid meeting of the Group of Eight world industrialised powers to marshall a global response to the financial crisis.

The EU powers hope to win backing for their accord at a summit of all 27 members on October 15-16, following meetings this week of the Eurogroup and Ecofin EU finance ministers' group in Luxembourg.

In Lisbon, Portuguese Finance Minister Fernando Teixeira dos Santos warned all 27 members must have their say in forging a European strategy, in a note published by Lusa news agency.

"All contributions are welcome to ensure European financial markets get quickly back to normal. The conclusions of the meeting of four European countries on Saturday must therefore be debated by all member states."

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