Eurozone members of the Group of 20 leading economies will commit to driving down borrowing costs across the single currency area, according to a leaked draft of the communiqué at the Mexico summit yesterday.

On the day that Spain was forced to pay more than 5 per cent to borrow money for one year, the need for action to stem the spiral of rising government bond yields was accepted by Germany, France and Italy, the G20’s three eurozone members.

According to officials briefed on the talks, Mario Monti, Italy’s prime minister, raised the possibility of using the eurozone’s €440bn rescue fund to buy peripheral bonds on the open market. But Angela Merkel, Germany’s chancellor, was non-committal about the idea during a formal session on Monday night.