Merkel-Sarkozy Letter Proposes Tighter Budget Rules in EU Treaty Overhaul
In a joint letter to European Union President Herman Van Rompuy, the French and German leaders said they want a decision at an EU summit starting tomorrow so that the measures can be ready by March 2012.
The new treaty should call for “automatic consequences” for euro-zone members with deficits over 3 percent of their economic output. The treaty should “make clear that Greece required a unique and exceptional solution” and that other euro-area members “reaffirm their inflexible determination to honor fully their own individual sovereign signature.”
To contact the reporter on this story: Gregory Viscusi in Paris at firstname.lastname@example.org
To contact the editor responsible for this story: James Hertling at email@example.com