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A euro zone plan in the works

6 years ago6 views



Leaders from Germany and France say they plan to announce plan to stabilize the euro zone by the end of the month.
French President Nicholas Sarkozy.
SOUNDBITE: French President Nicholas Sarkozy, saying: (French):
"This crisis, which is a financial crisis and created a lot of suffering in our countries and the world overall requires from us a sustainable and comprehensive response. We have decided to provide this response by the end of the month because Europe must solve its problems by the G20 summit in Cannes."
The leaders suggested that their proposals would include a plan for recapitalising European banks, accelerating economic coordination in the euro zone and dealing with Greece's debt problems, but offered no details.
German Chancellor Angela Merkel.
SOUNDBITE: German Chancellor Angela Merkel, saying: (German):
"We are determined to do what is necessary to ensure the recapitalisation of our banks to ensure adequate credit supply, the basis for good economic development. Second, we are closely working with the troika which is presently in Greece. We expect and believe that the troika will present us a result on Greece which allows it to stay in the euro zone."
At a joint news conference Merkel said the plan would involve fundamental change.
SOUNDBITE: German Chancellor Angela Merkel, saying: (German):
"Germany and France will continue to make proposals which ensure an even closer and more binding cooperation on issues regarding the financial and economic policies in the EU member countries. These will necessitate treaty changes. We will make these proposals to our colleagues and then obviously wait for their reactions."
The two euro zone heavyweights have come under pressure worldwide to resolve a crisis which is roiling markets.
The G20 summit will be held in France in early November.
Deborah Lutterbeck, Reuters