France, Germany propose EU deficit reforms: Sarkozy

18th October 2010, Comments 0 comments

French President Nicolas Sarkozy said Monday France and Germany would propose new rules to sanction EU countries that run an "excessive" public deficit, by amending the EU Lisbon Treaty.

Sarkozy said France and Germany wanted to amend the Lisbon Treaty, which last year introduced an EU-wide constitution, by 2013, cracking down on deficits in order to assure financial stability.

He was speaking to reporters after talks with Chancellor Angela Merkel in Deauville, western France.

© 2010 AFP

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