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EU welcomes Franco-German meeting on eurozone economy

(Xinhua)

09:52, August 17, 2011

BRUSSELS, Aug. 16 (Xinhua) -- European Commission President Jose Manuel Barroso and Commissioner for economic and monetary affairs Olli Rehn on Tuesday welcomed the meeting between French and German leaders.

In a statement issued on Tuesday evening, Barroso and Rehn said the meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel was a step forward "in our common effort to strengthen the governance of the euro area."

"They represent an important political contribution by the leaders of the two largest euro area economies to this debate and the on-going work," the statement said.

The statement stipulated that a common currency needs "shared responsibility and demands closer coordination of economic policies."

It called for more frequent summit in the eurozone, as well as "a permanent chair."

The statement also welcomed the notion of financial transaction tax, and pledged that the Commission would cooperate with President of European Council and President of Eurogroup in its future work.

During the Tuesday meeting between Sarkozy and Merkel, the two leaders proposed more united regulation on financial market to guarantee growth, amid fears of worsening eurozone debt crisis and slowing economic growth in both states.

The proposals of the two leaders included a common economic government, a financial transaction tax on EU level and the "golden rule" to reduce members' deficit.

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