Germany, France promise unity on European economic crisis

Germany, France promise unity on European economic crisis

The leaders of Germany and France say they will soon put forward common proposals on enhancing economic coordination between the 27 member states of the European Union.

German Conservative Chancellor Angela Merkel and French Socialist President Francois Hollande, who have often been at odds over how to tackle the worsening European economic crisis, made the announcement after attending a joint session of their parliaments in Berlin on Tuesday.

The joint session was held in the historic Reichstag building to mark the 50th anniversary of the landmark Elysee Treaty also known as the Treaty of Friendship. The reconciliation accord between France and Germany, which had fought three wars in 70 years, was signed by Charles de Gaulle and Konrad Adenauer on January 22, 1963.

Merkel said the two countries will put forward joint proposals to deepen Europe’s economic and monetary union by May.

“We are aware of our great responsibility to improve the situation in the European Union, overcome the euro crisis and make possible economic growth — and so make workable for the future the tried and tested model of European life, linking competitiveness and economic strength with social cohesion,” she stated.

“We have to give Europe confidence in its future,” Hollande said. “We will try to be as concrete as possible… so that growth can be reinforced and stability guaranteed.”

Greece has been at the epicenter of the eurozone debt crisis and is experiencing its fifth year of recession, while harsh austerity measures have left about half a million people without jobs.

The long-drawn-out eurozone debt crisis, which began in Greece in late 2009 and reached Italy, Spain, and France in 2011, is viewed as a threat not only to Europe but also to many of the world’s other developed economies.