Merkel to tackle euro crisis in Bundestag speech
Mr Sarkozy and Mrs Merkel have been trying to reassure markets about the single currency
German Chancellor Angela Merkel is to make a keynote speech on the eurozone crisis, as Germany and France step up efforts to find a solution.
The parliament address comes days before a meeting with French President Nicolas Sarkozy that he says will agree a plan "to guarantee Europe's future".He said they would seek a new EU treaty to impose greater financial discipline.
EU leaders have been under pressure to do more to tackle the debt crisis, amid concern about the survival of the euro.
Speaking in the southern French city of Toulon on Thursday, Mr Sarkozy said the EU's response had not been fast enough and that Europe had to be "refounded".
"It's urgent," he said. "The world will not wait for Europe."
Germany and France, Mr Sarkozy added, had agreed there should be a new European treaty governing relations between members.
The process, he said, would "be long and difficult", but was necessary to protect Europe's place in the world.
"We must confront those who doubt the stability of the euro and speculate on its break-up with total solidarity," Mr Sarkozy said.
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Key points of Sarkozy speech
- France and Germany will announce proposals on Monday to "guarantee the future of Europe"
- They agree that there should be a new EU treaty to impose greater financial integration
- Convergence is the key to solving the eurozone crisis but it will be a long and difficult process.
- France rejects fiscal union where national budgets would be approved in Brussels
- The rebuilding of Europe is not a march towards a federal super-state
- The European Central Bank will remain independent
- France must end doubts about its ability to repay debts
A new EU treaty would have to be approved by all 27 EU members - 10 of which do not use the euro.
Two-speed Europe
Mr Sarkozy said the euro could not continue to exist unless eurozone economies pulled together, with France and Germany playing a key role to ensure "a zone of stability".
However, Mr Sarkozy rejected German suggestions that national budgets could be approved and regulated in Brussels.
The German government has been pressing for limited treaty changes to establish powers to veto national budgets in the eurozone that breach agreed rules.
During their meeting in Paris on Monday, Mr Sarkozy and Mrs Merkel are to agree on joint proposals to be put to a meeting of European leaders next week. Many analysts see that summit as a crucial moment in efforts to tackle the debt crisis.
Later on Friday, Mr Sarkozy will meet UK Prime Minister David Cameron in Paris.
Britain is concerned about the possible impact of a two-speed Europe, in which it could be left on the margins along with other countries outside the euro.
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