Europe

Europe

Sarkozy, Merkel propose more united regulation to guarantee growth

16 August 2011 23:09 (UTC +04:00)

Baku-APA. France and Germany said they want more united regulation, including an EU tax on financial transaction and common economic government to tame financial market volatility and guarantee growth, APA reports siting Xinhua.

French President Nicolas Sarkozy and German Chancellor Angela Merkel made the remarks at a joint press conference after a meeting here on Tuesday.

Both leaders underlined their determination to fight for the stability of eurozone and urged all 17 eurozone members to apply the "Golden rule" of reducing their deficit and public debts.

Germany has approved the "Golden Rule", a fiscal policy guideline that imposes strict censorship to public spending. Discussion over the rule is also going on in France.

Sarkozy said he and Merkel also agreed to propose a financial transaction tax on the EU level in September.

A common economic government within eurozone was also brought up at their meeting. According to the leaders, the new common government will be led led by EU President Herman Van Rompuy.