December 5, 2011
The two primary leaders of the euro zone, Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France, issued their first joint call on Monday for amendments to Europe’s governing treaties to provide better economic governance for the 17 countries of the euro zone.
Mr. Sarkozy said he hoped the treaty changes would be ready for the ratification process as early as March.
The leaders met over lunch at the Élysée Palace to prepare joint proposals to be offered to the full membership of the European Union in Brussels on Thursday night. They agreed to propose automatic penalties for countries that exceed European deficit limits as well as the creation of a monetary fund for Europe. They also backed monthly meetings of European leaders.
But Mr. Sarkozy said the answer did not lie in issuing bonds backed by all the euro zone members.
“We want to make sure that the imbalances that led to the situation in the euro zone today cannot happen again," the French leader said at a news conference after the lunch.
"Therefore we want a new treaty, to make clear to the peoples of Europe, members of Europe and members of the euro zone, that things cannot continue as they are," he said.
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