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December 2, 2011

France, Germany Back E.U. Treaty Changes in Eurozone Crisis 
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European leaders are preparing to unveil their plans for addressing the
sovereign debt crisis that's threatened to tear apart the Eurozone. Both
France and Germany are expected to push for changes to the Eurozone
treaty, including centralized oversight of national budgets and tighter
reins on debt. In a speech on Thursday, French President Nicolas Sarkozy
said radical changes are needed in order to save the Euro.

French President Nicolas Sarkozy: "Let me say it here. Europe must be
re-thought, refounded. It is urgent. The world won't wait for Europe. If
Europe doesn't change fast enough, the history of Europe will be written
without it. This is France's conviction and it is Germany's conviction.
We must discuss our budget policies. Not so that they should be the same
everywhere when situations are different. But so they can converge
rather than become more distant. Let's examine our budgets, with
punishments that are more automatic, more rapid and more strict, for
those who do not respect their commitments."



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