BERLIN (MNI) – German Chancellor Angela Merkel and French President
Nicolas Sarkozy said Sunday that they will present joint proposals for a
recapitalisation of banks in the Eurozone before the end of the month.
“We have a massive interest that all banks can fulfill their
duties,” Merkel said at a joint press conference with Sarkozy after a
meeting of the two leaders here. “Germany and France are absolutely
determined on this,” she stressed.
The two countries want common criteria applied for bank
recapitalisations across Europe, the chancellor explained. “We won’t go
into details now but we will present a complete package before the end
of the month,” she said.
This package will also include a closer financial and economic
policy cooperation across the Eurozone, she said.
Sarkozy also underlined that the bank recapilisation issue will be
dealt with “in total accordance with our German friends… we completely
agree on the matter.”
There exist also no differences with Germany over the role of the
European Financial Stability Facility (EFSF), the President said. Both
governments work on several “technical proposals” on the EFSF which will
be also presented before the end of the month, Sarkozy said.
“The guidelines for the EFSF must be so that it is capable of
acting regarding its duties to stabilize the euro as a whole,” Merkel
remarked.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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