“We will defend the euro. We will not let Europe's economic and political integration, which forms the basis of our prosperity, shatter. A stable currency improves the economic as well as the political prospects of Europe as a whole. We will persevere and overcome any obstacles that may appear on the path we have chosen." These are the words used by Baroin and Schaeuble, the French and German finance ministers, in a joint speech regarding the persistent financial tensions in the euro area. France and Germany thus express their will to vigorously defend the single currency, affirming that the anti-crisis mechanisms must be strengthened "in order to allow them to operate in a preventive manner".
The intervention seems to correct the shot compared to the statements of the German minister Schaeuble, who a few days ago had rekindled tensions, expressing his opposition to the hypothesis of giving carte blanche to the European rescue fund EFSF as regards the purchase of Status on the secondary market.
The Paris-Berlin axis thus confirms itself as the backbone of the defense of the euro, after the recent emergency summit on the Greek situation had already been preceded by a meeting between President Nicolas Sarkozy and Chancellor Angela Merkel. On that occasion, the two leaders had found a compromise on which to base the lines of the agreement then adopted by all the countries of the euro area.
