A plan to recapitalise European banks is agreed upon by France and Germany
The announcement came hours after the governments of France, Belgium and Luxembourg said they had approved a plan for the future of the embattled Franco-Belgian bank Dexia.
"We are determined to do whatever necessary to secure the recapitalisation of our banks," Merkel said at a joint news conference with Sarkozy at the chancellery in Berlin on Sunday evening. "A sound credit supply is the basis of sound economic development," she added.
Merkel added: "We are not going into details today," adding that the duo would present a "complete package" for stabilising the eurozone at the end of the month in time for the G20 summit in Cannes on 3-4 November. "This summit has to be a success for the sake of the global economy," she stressed.
"We are determined to do whatever necessary to secure the recapitalisation of our banks," Merkel said at a joint news conference with Sarkozy at the chancellery in Berlin on Sunday evening. "A sound credit supply is the basis of sound economic development," she added.
Germany and France, which together represent about half of the 17-nation currency zone's economic output, regularly hold talks before EU summits to chart out joint positions.
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