Financial Times
December 1, 2011
Nicolas Sarkozy said eurozone countries must be subject to tougher central control over their budgets as part of reforms to stem the sovereign debt crisis – a key demand made by Germany.
But in a landmark speech on the crisis on Thursday, the French president made clear France wanted national governments to continue to hold sway over key strategic and political decision-making in the European Union.
“It is not by going down the path of more supranationality that Europe will be relaunched,” he said.
Forging agreement on these issues is central to the efforts being led by Mr Sarkozy and Angela Merkel, German chancellor, to come up with a plan in time for an EU summit on December 9 to reinforce budgetary discipline and drive more integrated economic governance in the eurozone.
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