As leaders of the world's 20 major economies are discussing major global economic issues at the G20 summit in Mexico, debt-ridden Europe should keep in mind that only itself is its own ultimate savior.

The years-long European sovereignty debt crisis has ravaged the region, and its spillover has haunted the world market.

Although the European Union (EU) has agreed to offer up to 100 billion euros (about 125 billion U.S. dollars) to save Spain's banks, the bailout plan is only sketchy and skeptism has remained about whether it will solve the country's fiscal and macro-economic woes.

Debt-ridden Europe needs support from the rest of the international community to tide over the debt crisis, which is an issue of general concern. Ever since the crisis broke out, countries around the world have tried to help hard-hit eurozone countries, such as buying more euro bonds and boosting trade with Europe.

As the EU's second largest trading partner, China will continue to back the EU in tackling the debt crisis within its own capacity, as China has a huge stake in the stability and well-being of the European economy.

However, eurozone countries themselves should shoulder the bulk of responsibilities of solving the chronic headache.

Obviously, the eurozone crisis is closely related to the unstable global economic recovery against the backdrop of the international financial crisis, but it is intrinsically the result of a long-term accumulation of the EU's internal mechanism problems, including the absence of a matching fiscal mechanism for the highly unified monetary system.

Eurozone countries should shelve their policy differences and demonstrate a spirit of solidarity, strong political will and courage to address the deep-seated structural problems within the single currency bloc.

For European politicians, there is probably a need for them to review their policies in order to win back the confidence of investors and consumers. Without a restoration of confidence in the European market, it is hard to see how growth can return.

European leaders could quickly work together to put forward a plan to carry out structural reforms, integrate supervision of banks, improve cross-board banking management and speed up political and fiscal integration to overcome the crisis.

Besides, the 27-member EU might consider striking a balance between enforcing tough austerity measures to put the heavily indebted countries' fiscal house in order and giving those countries some flexibility to stimulate economic growth.

Meanwhile, an even bigger role of the European Central Bank is needed in dealing with the deadlock, which would boost market confidence, reduce debt tensions and accelerate economic recovery.

The narrow victory of Greek pro-bailout New Democracy party in Sunday's parliamentary elections has brought some hope with the rally of European and global markets.

However, any form of external rescue funds or assistance can only treat the exterior symptoms of the crisis.

Eurozone countries should believe they are wise and capable enough to cure the root cause of the malaise and pull itself out of its doldrums.