16 Aug '11, 8pm

Sarkozy, Merkel propose 'true eurozone government'

Sarkozy, Merkel propose 'true eurozone government'

PARIS: France's Nicolas Sarkozy and Germany's Angela Merkel vowed to give the eurozone bloc a "true economic government" on Tuesday but experts said their pledges were not enough to defuse the debt crisis. Speaking after talks in Paris, Europe's power couple said they would propose an EU-wide tax on financial transactions and seek to create a eurozone governing body headed by European Union president Herman van Rompuy. "We're heading towards a strengthened economic integration of the eurozone," Sarkozy declared, after just over two hours of talks with Merkel. But the pair disappointed many by not backing the idea of issuing "eurobonds" to pool the debts of the 17 eurozone members and by insisting that the bloc's existing 440-billion-euro bail-out fund is "sufficient". Instead, the leaders said member states would be held to a tougher fiscal standard and new cross-border co...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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