Luxembourg Prime Minister Jean-Claude Juncker, who also chairs the euro group, called on Friday for quick action on the US bailout plan to remove uncertainty from the market.

"My hope is that the bailout package prepared by the American administration will be approved in one form or another," Juncker told journalists in Luxembourg.

Juncker warned uncertainty surrounding the US bailout plan is threatening European banking industry.

"Banks in Europe that are starting to navigate in difficult waters suffer from this uncertainty," Juncker said, "My hope is that they will do it quickly because, when I look at financial andstock markets, exchange rates and global confidence indicators, the Americans' hesitation over their intentions deepens uncertainty."

"I would appreciate it if the American executive and legislators would approve a solid package as quickly as possible," he added.

US lawmakers were still wrangling on the controversial 700-billion-dollar bailout plan on Friday, which was proposed by the Bush administration to save financial giants from falling in the latest wave of sub-prime mortgage crisis.

"Wall Street has become Red Square. Wall Street has become what was Red Square because even the Russians would not dare nationalizing things this much," Juncker said, referring to the recent moves by the US government to take control of mortgage institutions Fannie Mae and Freddie Mac and insurer American International Group.

"The Americans do not have any other choice than to shoulder the problem that financial markets have given them," he said.