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Eurozone's big 3 plan changes to EU treaties
Source: Agencies |
November 25, 2011, Friday
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Print Edition
Print Edition
FRENCH President Nicolas Sarkozy appears to have tempered his calls for the European Central Bank to play a bigger role in solving Europe's debt crisis as he agreed to a German effort to change European Union treaties to improve the governance of the troubled eurozone.
Speaking after meeting German Chancellor Angela Merkel and Italian Premier Mario Monti yesterday, Sarkozy said "propositions for the modification of treaties" will be presented within days.
He would not elaborate on what these changes may involve but said they would be ready for the next EU leaders summit on December 9.
This was the first meeting of the leaders of the eurozone's three largest economies since Monti took over last week following mounting market concerns over Italy's huge debts.
The meeting in Strasbourg, France, came amid signs that even Germany and France are not immune from the crisis, in which three relatively small countries have been bailed out.
All three leaders said they would do what it takes to stabilize the situation and save the euro.
Merkel said: "We want the euro, we want a strong, stable euro … we will do everything to defend it."
France has been reluctant to resort to changes to EU treaties to improve the way the eurozone countries work together to set policies and prevent future crises. Germany had pushed for such changes, saying voluntary pledges by national governments are no longer enough to boost market confidence.
Merkel insisted the proposed changes would "not deal with the European Central Bank," which she stressed was responsible for monetary, not fiscal, policy. Sarkozy did not push for a greater role at their closing press conference, while Merkel insisted on the bank's independence.
Many think the bank is the only institution capable of calming market nerves.
Monti, meanwhile, reiterated his pledge to balance Italy's budget by 2013, though he sidestepped the question of whether achieving that aim will require further austerity measures.
Speaking after meeting German Chancellor Angela Merkel and Italian Premier Mario Monti yesterday, Sarkozy said "propositions for the modification of treaties" will be presented within days.
He would not elaborate on what these changes may involve but said they would be ready for the next EU leaders summit on December 9.
This was the first meeting of the leaders of the eurozone's three largest economies since Monti took over last week following mounting market concerns over Italy's huge debts.
The meeting in Strasbourg, France, came amid signs that even Germany and France are not immune from the crisis, in which three relatively small countries have been bailed out.
All three leaders said they would do what it takes to stabilize the situation and save the euro.
Merkel said: "We want the euro, we want a strong, stable euro … we will do everything to defend it."
France has been reluctant to resort to changes to EU treaties to improve the way the eurozone countries work together to set policies and prevent future crises. Germany had pushed for such changes, saying voluntary pledges by national governments are no longer enough to boost market confidence.
Merkel insisted the proposed changes would "not deal with the European Central Bank," which she stressed was responsible for monetary, not fiscal, policy. Sarkozy did not push for a greater role at their closing press conference, while Merkel insisted on the bank's independence.
Many think the bank is the only institution capable of calming market nerves.
Monti, meanwhile, reiterated his pledge to balance Italy's budget by 2013, though he sidestepped the question of whether achieving that aim will require further austerity measures.
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