Europe

Europe

Sarkozy, Merkel to further tune position over eurozone governance

11 August 2011 18:58 (UTC +04:00)

Baku-APA. French President Nicolas Sarkozy and German Chancellor Angela Merkel will meet on Aug. 16 in Paris to further tune a common stance over the eurozone financial governance, according to a statement issued Thursday by the Elysee Palace, APA reports quoting Xinhua.

"The President (Sarkozy) and Chancellor Angela Merkel have agreed to make joint proposals to reform the governance of the eurozone before the end of the summer," the statement said.

The two leaders will meet on "Tuesday, August 16, 2011 at 16:00 at the Elysee Palace," the statement detailed, adding that a joint press conference would be followed later that day.

Despite of a package of decision reached at an emergency EU summit meeting on July 21, including a new aid package for Greece and pledges of a more flexible European Financial Stability Facility (EFSF), world financial markets failed to restore confidence and instead suffered a turmoil following the U.S. credit rating downgrade last week.

With bank shares being the biggest losers, French share CAC 40 plunged 5.45 percent at Wednesdayâ€™s closing, while Frankfurtâ€™s DAX shed 5.13 percent.