French Finance Minister Pierre Moscovici said he expects euro area finance ministers to make “tangible progress” on implementing an accord reached by heads of government on June 29.
“It’s very important that we give tangible signals that what was said at the European Council will be translated into action,” Moscovici told journalists in Aix-en-Provence, France.
“I have no doubt that that will happen.”
The euro group will begin work tomorrow on how to give support to Spanish banks, and will also consider matters of unifying euro area bank supervision and giving support to Italy in the bond market.
Moscovici said he met with Italian Prime Minister Mario Monti this morning and that they agreed on the analysis of the situation.
Asked whether France is ready to cede sovereignty to help end the European sovereign debt crisis, Moscovici said that he prefers to call it “sharing sovereignty.”
“We’re not hostile to integration,” he said. “But every step of integration has to be accompanied by increased solidarity. Our objective is to reach the point of sharing the debt burden in Europe.”