France pressing for euro zone leaders group-press

PARIS, May 31 (BestGrowthStock) – French President Nicolas Sarkozy
is pressing his European partners to set up a group of euro zone
leaders with a secretariat to act as an economic government for
the single currency bloc, Le Monde said on Monday.

“Nicolas Sarkozy is looking for ways to get Germany back
into the European game,” the newspaper said in an article
published on its web site.

“According to his entourage, the French president once again
envisages the creation of a forum of heads of state and
government from the euro zone, with a secretariat, which would
be the true economic government of Europe,” it said.

The newspaper noted that Germany had already rejected
similar proposals for a formal body to coordinate economic
governance in the euro zone.

But it said Paris believed firmer budget commitments by euro
zone governments and other concessions, such as approving
Bundesbank President Axel Weber to succeed Jean-Claude Trichet
as the head of the European Central Bank could help sway Berlin.

“If it judges that the guarantees that have been obtained
are sufficient, Germany might accept the Eurogroup,” Le Monde

The newspaper said that French authorities were moving
cautiously with the idea in order not to provoke any open
rejection from Berlin.

“The French president has taken the precaution of not
describing publicly the economic government which he envisages
because a display of Franco-German disagreement could be fatal
to the euro,” the newspaper said.

Stock Market Investing
(Writing by James Mackenzie; Editing by Charles Dick)

France pressing for euro zone leaders group-press