Germany, France call for new EU treaty over debts

By msnbc.com news services

PARIS -- The leaders of Germany and France called Monday for a new European Union treaty to ensure that the region's debt crisis never happens again.

After a meeting with German Chancellor Angela Merkel, French President Nicolas Sarkozy said the leaders would prefer a treaty agreed by all 27 members of the European Union, but would also accept a treaty among just the 17 countries that use the euro.

The new treaty should include automatic sanctions for countries that violate rules meant to keep government deficits in check.

The meeting comes at the start of a crucial week for the eurozone, as it struggles to convince markets that it is able to solve its debt crisis.

"We want to make sure that the imbalances which led to the situation in the euro zone today cannot happen again," Sarkozy told a news conference.

"Therefore we want a new treaty, to make clear to the peoples of Europe, members of Europe and members of the euro zone, that things cannot continue as they are," he added.

This treaty would include automatic sanctions for states who fail to meet limits on deficits, as well as a budget-balancing rule across the euro zone.

The Associated Press and Reuters contributed to this report.

Source: http://worldnews.msnbc.msn.com/_news/2011/12/05/9223466-germany-france-call-for-new-eu-treaty-amid-debt-crisis

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