BRUSSELS: French President Francois Hollande on Friday called for eurozone countries to go "further and faster" in an integration process that should also include a "social dimension".
Hollande also said European countries that do not have the euro "should let the others proceed at their own pace" -- a reference to Britain which is often seen as stalling on integration.
The Socialist president said the 17-member eurozone -- soon to be joined by Latvia -- should have "various methods for taking decisions and extra tools" and that the European system "could not simply be a union of 28 countries".
German Chancellor Angela Merkel had said at the start of the summit that she wanted to develop economic and monetary union "still further" and have "more commonality" in the banking sector.
Hollande said he had agreed with Merkel on the creation of a eurozone fund "for competitiveness, employment and for young people". Merkel had referred to the fund in a speech on Thursday, saying it could be "a mechanism for solidarity under strict conditions".
The proposal is for individual EU member states to be able to draw from the fund if they cannot fulfil key economic targets that they would negotiate individually in binding bilateral contracts with the European Commission.
There has been no mention of the size of the fund. Merkel said she wanted a final decision on the fund at an EU summit in December.
indiatimes.com
Hollande also said European countries that do not have the euro "should let the others proceed at their own pace" -- a reference to Britain which is often seen as stalling on integration.
The Socialist president said the 17-member eurozone -- soon to be joined by Latvia -- should have "various methods for taking decisions and extra tools" and that the European system "could not simply be a union of 28 countries".
German Chancellor Angela Merkel had said at the start of the summit that she wanted to develop economic and monetary union "still further" and have "more commonality" in the banking sector.
Hollande said he had agreed with Merkel on the creation of a eurozone fund "for competitiveness, employment and for young people". Merkel had referred to the fund in a speech on Thursday, saying it could be "a mechanism for solidarity under strict conditions".
The proposal is for individual EU member states to be able to draw from the fund if they cannot fulfil key economic targets that they would negotiate individually in binding bilateral contracts with the European Commission.
There has been no mention of the size of the fund. Merkel said she wanted a final decision on the fund at an EU summit in December.
indiatimes.com
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