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Germany and France set out summit position


economy

Germany and France set out summit position

The German and French finance ministers have met in crisis talks to hammer out a joint position on growth ahead of Wednesday’s European summit in Brussels.

The weekend’s G8 meeting left Germany and its strict stance on cutting debt first looking isolated as the tide turns on boosting growth.

“We didn’t really need to discuss the fact that the progress of European integration, and a strong Europe that is capable of acting is in our common interest and that we will cooperate for that,” said German Finance Minister Wolfgang Schäuble.

“As François Hollande has said, we must study every option. Everything will be on the table. We know what we are going to talk about, we are going to argue for supporting growth while at the same time acting responsibly with our budgets,” said his French counterpart Pierre Moscovici.

Many governments are, four years into austerity, facing high unemployment and collapsing popularity in the polls, and looking to sweeten the pill of spending cuts.

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