The leaders of France and Germany have unveiled wide-reaching plans for closer euro zone integration, including deficit limits and biannual summits, but say joint euro bonds can only be a longer-term option.
Under heavy pressure to restore confidence in the euro zone following a dramatic market slump, President Nicolas Sarkozy and Chancellor Angela Merkel stopped short of increasing the bloc's rescue fund but vowed to stand side-by-side in defending the euro and laid the groundwork for a future fiscal union.
Their message was that the focus should be on further economic integration rather than signing bailout cheques, and suggested that straying from euro zone rules and fiscal targets would no longer be tolerated.
For more: Sarkozy and Merkel push euro integration | Stuff.co.nz
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