Arab Today, arab today france and germany to push for new eu treaty
Last Updated : GMT 14:46:35
Arab Today, arab today
Arab Today, arab today

France and Germany to push for new EU treaty

Arab Today, arab today

Arab Today, arab today France and Germany to push for new EU treaty

Paris - AFP

France and Germany will push for a new European Union treaty to impose tough budgetary discipline on the debt-ravaged eurozone, President Nicolas Sarkozy declared ahead of a critical week for the euro. The French leader was to meet Britain\'s Prime Minister David Cameron on Friday to discuss the crisis and then Germany\'s Chancellor Angela Merkel on Monday to agree a joint Franco-German proposal to save the single currency. Then, on December 8 and 9, all 27 European leaders will meet at the EU Summit in Brussels, a meeting which some observers have billed as their last chance to restore the credibility of eurozone economic governance. In a landmark speech in front of 5,000 cheering supporters, Sarkozy warned that the developed world was entering a \"new economic cycle\" dominated by debt reduction, heralding tough times ahead for jobs and business. \"Europe will have to make crucial choices in the weeks to come,\" he warned in the southern port city of Toulon, adding: \"Europe is not a choice, it is a necessity, but it needs to be rethought, refounded.\"  \"We must confront with total solidarity those who doubt the stability of the euro and speculate on its break-up,\" he declared. \"France is fighting with Germany for a new treaty. More discipline, more solidarity, more responsibility ... true economic government\" he said, urging members to adopt a \"Golden Rule\" obliging them to balance their budgets. The stability of the European economy has been rocked by a sovereign debt crisis spreading from the eurozone\'s highly indebted peripheral states like Greece and Ireland towards major economies such as Spain and Italy. France has also seen borrowing costs rise, and ratings agencies have warned that its prized Triple-A status is at risk -- a potential humiliation for Sarkozy six months before he is due to seek re-election.  European leaders have struggled to convince markets that they will be able to stave off the risk of a massive default that could bring down banks, cause a global credit crunch and bring down their single currency. Next week\'s Brussels summit is now seen as key to halting the crisis, but there have been reports that the eurozone\'s two biggest players -- France and Germany -- are at odds over which course to take. French officials have been pushing for the European Central Bank to become the eurozone\'s lender of last resort -- effectively permitting it to print money in order to buy up member states\' debt and relieve fiscal pressure. But this is anathema to Germany, which nurses grim memories of inter-war hyperinflation and insists the ECB should stick to its price stability mandate. Sarkozy appeared to partially concede this point, saying the bank should remain \"independent\" but added that he was sure that it would act. \"It is for it to decide how and with what means. That\'s its responsibility. No one doubts that it will meet it, and I welcome what it has begun to do,\" Sarkozy said, in comments that observers said risked riling Berlin.  ECB chief Mario Draghi had already warned Thursday the central bank cannot act beyond its mandate -- although he left the door open to a more activist role if states agreed tougher fiscal rules of the kind Merkel wants. Some EU members have opposed the idea of a new treaty, which would take time to agree and might trigger referendums in some countries -- votes that governments would struggle to win against a backdrop of economic austerity. Sarkozy said the existing Maastricht Treaty had proved \"imperfect\" as it allowed states with lax budget discipline to escape punishment. Germany is pressing for automatic sanctions to be imposed on backsliders.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france and germany to push for new eu treaty Arab Today, arab today france and germany to push for new eu treaty

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday