Sarkozy, Germany plans to stabilize eurozone

Sarkozy, Germany plans to stabilize eurozone
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Summary France and Germany will present proposals on a new comprehensive package for stabilizing eurozone.

France and Germany are fully aware of their “particular responsibility for stabilising the euro,” French President Nicolas Sarkozy said at a joint news conference with Chancellor Angela Merkel in Berlin on Sunday.“We need to deliver a response that is sustainable and comprehensive. 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,” he added, saying it was too early to enter into details.The leaders suggested that their proposals would include a plan for recapitalising European banks, accelerating economic coordination in the euro zone and dealing with Greeces debt problems.Chancellor Angela Merkel said “we are determined to do the necessary to secure the recapitalisation of our banks.”

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