France, Germany to make proposals to modify EU treaties
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Xinhua, November 23, 2011
France and Germany will soon put forward proposals to modify European Union (EU) treaties for greater convergence of financial, economic and tax policies to cope with the eurozone debt crisis, French President Nicolas Sarkozy said?in Paris?on Tuesday.
Speaking at a reception at the Elysee Palace, the French president told participants attending the two-day International Captial Conference 2011 that the eurozone countries need integrating financial policies.
"With (German Chancellor) Angela Merkel, we will soon make proposals with regard to the treaty amendment to prevent that (eurozone) countries can differ in fiscal, economic and tax polices," said Sarkozy.
"We need a convergence of economic policies (in the eurozone), which is to say a convergence of fiscal policies," he said.
Sarkozy appreciated the development of emerging countries in Asia. "With this unprecedented development, millions of workers from China and India joined the global economy and millions of people walk out of poverty."
"For developed countries, globalization is a challenge ... No advanced country is immune from the consequences of excessive debt accumulated over the years," he added.
Organized by the Boao Forum for Asia and hosted by the French Ministry of Economy, Finance and Industry, the International Capital Conference 2011 on Nov. 23-24 will bring together some 400 European and Asian leaders, economists and entrepreneurs.
