The Wall St Journal reports: French President Nicolas Sarkozy and German Chancellor Angela Merkel set out their plan to press ahead with European Union treaty changes Wednesday, a day before EU leaders convene at a crucial Brussels summit to shore up the euro zone. Mr. Sarkozy and Ms. Merkel, who made their proposals in a letter to European Council President Herman Van Rompuy, issued an ultimatum to the 27 EU governments, saying they must decide whether they will accept greater central control over their national budgets.
“I am more pessimistic than I was last week on the chances of total agreement,” an official said on condition of anonymity. A more likely scenario, the official said, is that the 17 euro-zone countries, together with “four or five” other EU countries, would separately agree to far-reaching coordination of economic policies, supervision of their budgets through European officials and strict limits on debts and deficits.”
"We are convinced that we need to act without delay," the two leaders said in the letter….
Read all about it at http://online.wsj.com/article/SB10001424052970203501304577084001516935854.html?mod=WSJ_hp_LEFTTopStories
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