The Franco-German axis remains solid and will soon present proposals to improve the governance of the eurozone. French Finance Minister Francois Baroin said today. Nicolas Sarkozy will receive German Chancellor Angela Merkel at the Elysée next Tuesday to work precisely on these proposals after the heavy losses suffered by the financial markets due to the euro zone debt crisis.
"The profound conviction of the President of the Republic and of the German Chancellor is that the functioning of the Eurozone must be improved," explained Baroin. “It is therefore necessary to speed up the reflection on the procedures for changing governance. From this point of view, investors should have no doubts about the determination of the Franco-German pair. At the end of the summer there will be strong proposals from the Franco-German axis on a profound modernization of the governance of the euro area”.
