Merkel, Sarkozy Say Euro Is ‘Non-Negotiable’
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Germany and France told euro-area laggards to make their economies more competitive to help overcome the debt crisis, pledging to do whatever necessary to defend the currency at a European Union summit next week.
The euro’s survival is “non-negotiable,” requiring budget vigilance and closer economic cooperation to overcome “structural weaknesses” within the euro region, Chancellor Angel Merkel and President Nicolas Sarkozy said today. They ruled out joint bonds and rejected any increase in the size of the 440 billion-euro ($583 billion) rescue fund set up in May.