Merkel, Sarkozy highlight financial reforms (2)

15:02, June 15, 2010      

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German Chancellor Angela Merkel (R) and French President Nicolas Sarkozy attend a joint press conference in Berlin, capital of Germany, June 14, 2010. Merkel and Sarkozy highlighted international financial reforms and narrowed their difference on Monday. (Xinhua/Han Mo)

Sarkozy also said he agreed on the necessity "to strengthen the economic regulations in Europe," will submit joint proposals with Merkel.

Media used to doubt large differences may exist between Merkel and Sarkozy on establishing a separate institution to govern European economy as they postponed their planned talks at the last minute last week.

France wanted to form a dedicated secretariat to harmonize economic, social and tax policies and rebalance the European economy between surplus and deficit countries, while Germany still insisted that key decisions should be made by all 27 EU leaders, such as the European Council.

Sarkozy said he had a "frank and boisterous"talk with Merkel as they both do not avoid problems and wanted to discuss all policy options. "It's about disburdening the European system by not multiplying new institutions," he said.

"We need no new institutions, but in case of necessity, you have to be flexible," Merkel said.

Source: Xinhua

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