Euro Area/Germany/EFSF expansion
President Sarkozy spoke to Chancellor Angela Merkel today. He warmly congratulated her on this morning’s positive vote by a very large majority in the Bundestag on the ratification of the agreement strengthening the EFSF. A major step has been taken towards Euro Area stability.
President Sarkozy and the Chancellor want to reiterate that the resolute implementation of the decisions taken at the 21 July summit will allow the Euro Area to overcome its current difficulties. They encourage all the partners who have not yet carried out parliamentary ratifications to conclude this process as soon as possible.
President Sarkozy and the Chancellor also welcome yesterday’s adoption by the European Parliament of legislation on European economic governance, which strengthen budgetary coordination and surveillance and create a new tool to prevent and correct macroeconomic imbalances.
At a time when the mission led by the IMF, Commission and ECB has just returned to Athens, President Sarkozy will have a meeting with Greek Prime Minister George Papandreou in Paris this Friday at 5 p.m. to take stock of Greece’s current situation./.