December 5, 2011
Germany and France have agreed a common position on tackling the euro-zone debt crisis by pushing for a new EU treaty to enforce budget discipline through automatic sanctions. They plan to bring forward the permanent euro bailout mechanism to 2012 from 2013 -- and both remain opposed to euro bonds.
German Chancellor Angela Merkel and French President Nicolas Sarkozy gave a crucial show of unity in the euro crisis on Monday, announcing after a meeting in Paris that they will push for a new treaty, either among all 27 EU members or just the 17 countries in the euro zone, to force member states to adhere to tighter budget discipline in the future.
The two leaders also agreed to bring forward the establishment of the permanent bailout fund, or European Stability Mechanism, for ailing member states to next year from the original launch date of 2013.
They plan to submit their proposals to European Council President Herman Van Rompuy on Wednesday ahead of what is being billed as a make-or-break summit on the euro crisis on Thursday and Friday.
"Things cannot continue as they have done up until today," Sarkozy told a joint news conference with Merkel after the meeting. "Our preference is for a treaty among the 27 (EU members), so that nobody feels excluded, but we are open to a treaty among the 17 (euro members), open to any state that wants to join us."
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