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Germany, France vow to further integrate eurozone, expedite bank recapitalization

(Xinhua)

08:23, October 10, 2011

German Chancellor Angela Merkel (L) and visiting French President Nicolas Sarkozy attend a press conference in Berlin, Germany, Oct. 9, 2011. Merkel said Sunday that Germany and France have agreed to recapitalise banks according to common criteria. (Xinhua/Ma Ning)

BERLIN, Oct. 9 (Xinhua) -- France and Germany will present new proposals to stabilize the eurozone by the end of this month and push forward some "important changes" in the European treaties, visiting French President Nicolas Sarkozy said on Sunday.

While addressing a joint news conference with Chancellor Angela Merkel in Berlin, Sarkozy said France and Germany stress even more steps towards the further integration of the euro single currency zone, and to exert closer and more binding cooperation of eurozone countries to forestall any wanton spending extravagance.

"We are fully aware of that France and Germany are especially responsibility for maintaining the stability of the single currency of euro," Sarkozy said, adding both sides need to respond to sustainability and comprehensiveness of eurozone prospect by the end of the month as "Europe must solve its problems by the G20 summit in Cannes."

Both leaders expressed the willingness to have a plan for recapitalization of commercial banks in Europe to be in full swing in a bid to expedite the economic coordination in the eurozone and solving Greece's debt crisis.

Germany and France are jointly take more concrete measures to have the commercial banks recapitalized in a more systematical method with regard to basic standard, said Merkel at the joint press conference, while vouching Germany's willness push through the recapitalization of its commercial banks with whatever measures necessary.

"We will present a complete package" for stabilizing the eurozone at the end of the month, Merkel added.

Sarkozy and Merkel met in Berlin for a much anticipated talk elaborating on European debt crisis, as both leaders agreed to settle the problems on the G20 leaders summit in the French Riviera resort of Cannes in early November.

Sarkozy said "global, lasting and quick response" to the crisis must be imminent.

Both leaders reached a concensus on immediate recapitalization of commercial banks once it is necessiated in a bid to guarantee the granting of credit to the normal economic activity.

However, the two leading economies in Europe disagree on the concrete measures to support commercial banks vulnerable to the spiralling sovereign debt crisis, to which the IMF estimates some 100 to 200 billion euros (135 billion to 270 billion U.S. dollars) to cover potential losses.

Germany wants the banks in trouble first resort to investors' funds, while France, on account of its concern of top-notched AAA credit rating, would get into European funds initially.

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