German Chancellor Angela Merkel says there won’t be a European crisis fund to fight the world’s financial turmoil.
Merkel met French president Nicolas Sarkozy on Saturday ahead of the Eurogroup summit in Paris.
At the joint press conference both leaders agreed on the need for unity.
Merkel said: ‘‘The measures that we will take, won’t be a European Fund, but co-ordinated action by European member states and the international community, which are also important partners for the eurozone countries. Our action will be like a toolkit whereby each country will be able to use the different tools to resolve the crisis.”’
Sarkozy said: ‘‘A European fund poses a gigantic operational problem in terms of governance. It’s for this reason it can’t be an answer because when we have to decide between 4 a.m. and 7 a.m. if all the fund’s members must meet, we won’t be able to do it.’‘
The two leaders were in Colombey-les-deux-Eglises to inaugurate a memorial to former French President Charles De Gaulle.
European leaders will meet tomorrow to discuss further measures as they search for a co-ordinated response to the crisis.