November 24, 2011 – 11:00 pm
"Convergence is not something spontaneous," said Nicolas Sarkozy after the mini-summit which gathered on Thursday in Strasbourg, Germany, France and Italy, the three largest economies the euro area. On the agenda: the responses of Europe deal with the debt crisis against a background of struggle between Paris and Berlin on the role of the European Central Bank (ECB). Merkel remains inflexible these days in his opposition to greater involvement of the institution. It will have succeeded.
Nicolas Sarkozy said Paris and Berlin would do "in the coming days" of "common proposals to amend the Treaties" in Europe to improve the governance of the euro area. A change that will not apply to the ECB for its part said the German Chancellor.According to the French president, France, Germany and Italy agree to "respect the independence of the institution" and refrain from "positive or negative demands payday loans online."
"The euro must be respected and we will defend it with all our strength," said Angela Merkel. German Chancellor stressed the need to regain the "confidence" lost since the beginning of the crisis. "We must send a signal for closer cooperation in the future," she warned. She said the euro area "pay the consequences of soft budget constraints" of member countries. On the position of the European Commission which campaigns for Eurobonds, Angela Merkel has strongly stated that "the preconditions were not met" for such a project. Eurobonds would allow countries to borrow euro in common and offer a shared risk to investors.
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