The leaders of France and Germany are proposing a collective ‘government’ for the Eurozone led by the EU President.
It is the solution being put forward to deal with the EU debt crisis.
It follows a meeting between French President Nicholas Sarkozy and German Chancellor Angela Merkel today.
The two leaders have agreed to float the proposals in September for a tax on financial transactions and push for closer joint governance of economic policy.
After the talks in Paris Mr. Sarkozy said he and the German Chancellorwere also proposing that all 17 Eurozone countries commit to balanced finances and write that goal into their constitutional law by the summer 2012.
Among other measures announced he said they would also seek to ensure better cross-border economic government for the Eurozone with twice-yearly meetings of leaders and the creation of a 2.5 year presidency to steer this forum.
“We want to express our absolute will to defend the euro and assume Germany and France’s particular responsibilities in Europe and to have on all of these subjects a complete unity of views” Sarkozy said.
Peter Spiegel is Brussels Bureau Chief with the Financial Times.
He outlined the proposals for the Right Hook here on Newstalk.
taken from http://www.newstalk.ie/2011/news/france-germany-propose-collective-eurzone-government/
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