In addition, the EFSF bailout fund may not be big enough to cover any future unforeseen crisis, and risk moving the sovereign crisis into the banking system.
Below are some of the key points;
- France and Germany propose European Union President Herman Van Rompuy to head a “Euro-council.”
- France and Germany will propose a financial transaction tax in September.
- Aim is to reduce debts and deficits among Euro-area member states.
- France and Germany aim to harmonize corporate taxes from 2013.
- Stronger Euro needs stronger economic ties among member states.
- Debt brake to be anchored in French, German law.
- European Union debt rules must take priority.
- European Union structural funds must focus on boosting growth.
- Euro Bond idea is good but not for the moment.
Guess we have live with these measures for the time been.