December 6, 2011
The leaders of France and Germany, racing to shore up the euro, on Monday issued an ultimatum to the 27 European Union governments, saying they must decide by week's end whether they will accept greater central control over their national budgets—effectively ceding some of their fiscal sovereignty.
Should some countries decide not to participate—the U.K., which opted out of euro membership, has shown little enthusiasm so far—the 17 countries in the euro zone will forge ahead with a more integrated union by signing a new agreement outside EU treaties, they said.
"We will see whether it will be 17 or 27," French President Nicolas Sarkozy said during a joint news conference with German Chancellor Angela Merkel. "But we're going full steam ahead to re-establish confidence in the euro and the euro zone."
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