The EU is one of four 'co-chairs' which underwrote the island's peace process with a large volume of aid along with Japan, the US and Norway in 2002.
Local news reports over the weekend said the four co-chairs were expected to review the situation in the island after the government scrapped the truce which they backed and helped arrange a 4.
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5 billion aid package for reconstruction.
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The aid package never got off the ground because of continuing problems with the truce and the inability of the government and the Tigers to strike a peace deal.
Ferrero-Waldner said in her statement she hopes that the Sri Lankan government will come forward with a "substantive devolution" offer around which negotiations can start as soon as possible.
"As the Co-Chairs stated