France, Germany to push crisis plan | business | Hindustan Times
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France, Germany to push crisis plan

business Updated: Dec 08, 2011 22:09 IST

The president of the European Commission appealed to EU leaders on Thursday to set aside their differences and unite to rescue the euro from a sovereign debt crisis that is menacing the world economy.

Jose Manuel Barroso was speaking hours before a potentially divisive crisis summit — the eighth this year — as Europe’s central bankers met in Frankfurt to consider emergency help for banks and the economy.

“The summit that we are going to start tonight in Brussels is indeed a crucial one,” Barroso said on arrival at a meeting of European conservative party leaders in the French port city of Marseille.

"What I expect from all heads of governments is that they don’t come saying what they cannot do but what they will do for Europe," Barroso added. "All the world is watching us and what the world expects from us is not more national problems but European solutions."

French President Nicolas Sarkozy and German Chancellor Angela Merkel planned to use the Marseille meeting to lobby for their plan to amend the EU treaty to toughen budget discipline, which they want to have ready by March. But several countries are sceptical.

The often contradictory views were illustrated by comments. “What that means ... is that the euro can explode and Europe come apart. That would be a catastrophe not only for Europe and France but for the world,” said Jean Leonetti.

The chairman of euro area finance ministers said the 17-nation currency was not at risk.