French Prime Minister Francois Fillon has called on the European Union to present a united front in the face of the Eurozone’s growing economic malaise.
Fillon cut short his holiday and re-called his economic ministers after the Bank of France reported a surprise contraction in the EU’s second largest economy.
“In a united Europe, especially in the eurozone, there must be a coordinated response from all member states. France as EU president has a duty to generate debate,” he said.
France’s poor second quarter combined with bad news from Spain, Italy and Germany suggests the drop in GDP across the Eurozone could lead to recession.
However, France’s Economic Minister Christine Lagarde said the current plight is a result of outside factors including the global credit crunch and the price of oil.