Nicolas Sarkozy and Angela Merkel said in a joint letter, the face of the current debt crisis in Europe, the EU should take all necessary measures to safeguard the stability of the euro area. They propose to make new rules and commitments within the EU Treaty, within the European Union can not agree in advance the implementation of the euro area member states and other EU member states voluntarily joined.
French President Nicolas Sarkozy and German Chancellor Angela Merkel on the 7th, sent a letter to EU Council President Rompuy, propose amendments to the existing EU treaties, strengthening the EU in particular, the financial discipline in the euro area, in order to ensure economic stability and growth, out of the current Europe faces sovereign debt crisis predicament.
On the 8th to the 9th of this month, EU leaders will hold a summit in Brussels on the modification of the EU Treaty, to strengthen the Economic and Monetary Union discuss issues to deal with the debt crisis in Europe. The leaders of France and Germany want the summit to make a decision on the above proposals, in order to complete the repair in March 2012 about.
First, the strengthening of the euro area institutional building, the euro-zone summit formation mechanism, at least twice a summit each year World Pipe network informed, before the debt crisis in Europe has been checked, the eurozone summit will become a monthly regular meeting.
Nicolas Sarkozy and Merkel, the recommendations include four aspects:
Secondly, establish the overall framework of prevention in member countries to achieve the balance of public budgets into national law, national parliaments are obliged under the EU proposal to audit the financial and budgetary policies in the euro zone will take convergence in terms of financial regulation, employment, tax revenue and promote growth policy.
Thirdly, the revised EU treaty will be the fiscal deficit accounts for the proportion of gross domestic product of more than 3% of the national implementation of automatic penalties summit absolutely overruled by a majority.
Finally, the permanent relief mechanism of the euro area European stability mechanism will be one year in advanceWorld Steel Pipe , to start in 2012.