December 8, 2011
French and German officials on Wednesday said they are confident that several European Union nations, in addition to the 17 members of the euro zone, will sign up for greater central supervision of their national budgets, even if they have little optimism of rallying all 27 EU countries.
EU nations that decide to opt out of the fiscal pact proposed by France and Germany risk being stigmatized by investors, who could decide to shun debt issued by countries that have rejected tighter collective discipline, the officials said.
The Franco-German proposal, which Paris and Berlin detailed on Wednesday, is part of an attempt to shore up the euro by forging deeper fiscal integration, and is set to dominate the agenda of an EU summit this week in Brussels. It comes as euro-zone countries are also working to make progress on several fronts, including on how to beef up a shared rescue fund.
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