Merkel, Sarkozy Begin Work on Euro Rescue Plan
By Patrick Donahue -
German Chancellor Angela Merkel and French President Nicolas Sarkozy meet for the first time this year to forge a joint position as they embark on a race to carve out a master plan to rescue the euro over the next three months.
The two leaders gather in Berlin tomorrow to flesh out a new rulebook for fiscal discipline negotiated at a Dec. 9 summit that seeks to create a “fiscal compact” for the 17-member euro area. Their meeting is scheduled to start at 11 a.m. local time at the Federal Chancellery followed by a joint press conference at about 1:30 p.m.
The German and French leaders have sponsored a plan to install new guidelines by March.
Comment: Austerity is the wrong word. What's in is rather a return to reason.