May 21, 2012
French President François Hollande will put German Chancellor Angela Merkel under pressure at Wednesday's EU summit to agree to euro bonds, which she has so far strictly opposed. Italy and Britain are expected to back Hollande in a further sign that Merkel is increasingly isolated in Europe with her austerity plan for saving the euro.
The new president of France, François Hollande, wants to press German Chancellor Angela Merkel to drop her opposition to introducing jointly issued euro bonds as a way of tackling the debt crisis.
Hollande said after a G-8 summit in the United States on Saturday that he would propose euro bonds at an informal summit of European Union leaders on Wednesday in Brussels.
"I will outline all growth proposals at this informal meeting on May 23," Hollande told reporters at Camp David, Maryland. "Within this packet of proposals there will be euro bonds and I will not be alone in proposing them. I had confirmation on this at the G-8."
The Brussels meeting is expected to focus on the French president's call for measures to boost growth across the EU, especially in the 17 nation euro zone, while maintaining efforts to cut budget deficits.
Reports said Italian Prime Minister Mario Monti and British Prime Minister David Cameron back Hollande's call for the bonds that would be issued and guaranteed by all euro-zone states.
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