France, Germany to press euro zone treaty change
By Yann Le Guernigou and Eva Kuehnen
November 22, 2011
PARIS/BERLIN (Reuters) – French President Nicholas Sarkozy has embraced a German campaign for treaty change that could give European authorities intrusive powers to intervene in the national budgets of countries sharing the euro currency.
France and Germany will soon propose amendments to the European Union treaty in response to the bloc’s sovereign debt crisis, Sarkozy said on Tuesday.
“With (Chancellor Angela) Merkel, we will soon make proposals on modifying the treaties to prevent countries from diverging in the budgetary, economic and fiscal areas,” he told an Asian forum in Paris.
“We will do everything not just to defend Europe but also to consolidate it.”
Treaty change in the EU is a fraught process. France has long defended its own national fiscal and economic sovereignty and its voters rejected a proposed EU constitution in a 2005 referendum.