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Merkel, Sarkozy call for stronger EU

As the euro loses worth, French and German leaders have spoken with one voice on key issues concerning economic and financial reforms in Europe.

German Chancellor Angela Merkel and French President Nicolas Sarkozy formed a unity front at a meeting in Berlin on Monday and scrambled to narrow down the differences that have strained the two countries’ relations at a time when much of Europe endures a deepening financial crisis.

The two leaders tried to reach a compromise on how to overhaul the eurozone to stave off economic crises such as the one in Greece that led to further weakening of the common currency, the Wall Street Journal reported on Tuesday.

A yawning difference between the two key engines of the European economy appeared to have been resolved after Sarkozy backed Merkel`s demand to include all 27 members of the EU for a much tighter economic coordination, rather than just the 16 eurozone countries.

“We need stronger economic governance,” said Merkel. “This must include all of Europe’s 27 nations. This is the only way that we can move Europe — with its current weaknesses — forward.”

Merkel and Sarkozy also called for a global bank levy and a financial transaction tax that would protect taxpayers from having to bailout banks in the future.

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