German minister urges more eurozone cooperation

3rd February 2011, Comments 0 comments

German Finance Minister Wolfgang Schaeuble Thursday urged "strengthened cooperation" in the eurozone in order to stabilise the euro.

"Europe, particularly the eurozone, must better coordinate its financial, budgetary and social policies in order to stabilise the single currency," he wrote in an editorial the French daily Le Monde.

France said earlier that it and Germany would present proposals at Friday's European Union summit for a yearly meeting of eurozone leaders, part of broad efforts to stabilise the currency bloc amid a debt crisis.

France and Germany agree on the need to reform economic governance in the eurozone but have yet to agree on the details.

"In the immediate term, Europe will not take any big steps forward in terms of institutions," Schaeuble wrote, calling for reform efforts to concentrate on "intergovernmental cooperation".

© 2011 AFP

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