The French and German leaders have held another crisis summit on the euro in Berlin, as the EU’s lead pair attempt to speak with one voice.
They agreed on a coordinated plan to recapitalise fragile banks, and said the euro zone’s economies needed to be better coordinated.
President Sarkozy also insisted that Europe needed to get its act together sooner rather than later.
“This crisis is a financial crisis that has created much suffering in our countries and in the entire world. We must have a sustainable and global answer to this crisis. We have decided to give this answer before the end of this month because Europe has to have resolved these problems before the G20 summit in Cannes,” he said.
A certain number of treaty modifications to speed up integration are also being discussed, with both Merkel and Sarkozy promising to introduce a “complete package” of measures to stabilise the euro zone by the month’s end.