Germany, France support tougher rules to prevent future crisis in euro zone

08:28, March 11, 2010      

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German Chancellor Angela Merkel said on Wednesday that Germany and France support toughening rules to protect the euro which might include setting up a European Monetary Fund as a last resort.

Speaking after talks with French Prime Minister Francois Fillon in Berlin, Merkel stressed that the current sanctions enshrined in the European Union's stability and growth pact to protect the euro are not enough, and the European Union members must consider sanctions "that have more teeth" to prevent euro zone members from running up huge budget deficits such as the Greek one.

The possibility of setting up a European Monetary Fund is a good idea, Merkel said. But she also stressed that it should be considered as a last resort at the end of a chain of reactions.

Fillon said that France and Germany agree that effective medium- term measures should be discussed to prevent crises like the Greek one from repeating themselves.

He also stressed that the EU needs a strong economic governance.

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