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France and Germany vow to keep the Euro afloat
by Joseph Ernest December 10, 2010
Newscast Media -- At a meeting in the German city of Freiburg, Chancellor Angela Merkel and French President Nicolas Sarkozy reaffirmed their commitment to the single European currency and to the fiscal solvency of the eurozone.
"There is a spirit that is uniting us all," the German chancellor told reporters during a break in the talks. "If the euro fails, the European Union fails, too."
Meanwhile, President Sarkozy vowed that Germany and France "will defend the euro, because the euro is Europe."
Sarkozy also backed Germany's opposition to creating unified European sovereign bonds. The idea of harmonizing some eurozone debt, as suggested by several members of the currency union, has met with strong opposition from Germany and France, whose balance sheets are relatively healthy.
"French and German citizens would not be happy if we were to bundle the debts together," the French president said. He argued that the concept might be worth considering in the future, but only after the bloc's members ramp up their economic and political cooperation.
"We should not put the cart before the horse," Sarkozy told reporters.
Friday's meeting was in preparation for the EU summit in Brussels on December 16 and 17. Add Comments>>
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