French, German leaders reject European rescue fund
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The leaders of France and Germany on Saturday rejected the notion of creating a common financial rescue fund for Europe, but insisted that a coordinated response will emerge after a weekend summit.
"The crisis demands extremely rapid responses and a European fund would pose gigantic problems in decision-making among so many nations,” French President Nicolas Sarkozy said.
"There is no question of a European fund," said German Chancellor Angela Merkel.
The two spoke at a news conference ahead of a Paris summit on Sunday bringing together the 15 leaders of the countries using the euro currency.
Neither leader would provide details on exactly what might emerge from tomorrow's summit. Merkel spoke of creating a "common tool box", but said that "each country could use these tools to respond to (its) particular situation".
"We need a common approach in Europe, but we must be able to adapt to each national situation in a flexible way," she said.
Merkel said that for Germany she does not exclude support for banks seeking it, but added that conditions would be attached.
"One cannot talk of nationalisation," she said.
The French and German leaders met in this village east of Paris, the home and burial site of former French President Charles de Gaulle, to commemorate the 50th anniversary of a meeting between de Gaulle and German Chancellor Konrad Adenauer to seal reconciliation in the wake of World War II.
The meeting follows a weekend gathering in Washington of finance ministers from the so-called Group of Seven.
"The crisis demands extremely rapid responses and a European fund would pose gigantic problems in decision-making among so many nations,” French President Nicolas Sarkozy said.
"There is no question of a European fund," said German Chancellor Angela Merkel.
The two spoke at a news conference ahead of a Paris summit on Sunday bringing together the 15 leaders of the countries using the euro currency.
Neither leader would provide details on exactly what might emerge from tomorrow's summit. Merkel spoke of creating a "common tool box", but said that "each country could use these tools to respond to (its) particular situation".
"We need a common approach in Europe, but we must be able to adapt to each national situation in a flexible way," she said.
Merkel said that for Germany she does not exclude support for banks seeking it, but added that conditions would be attached.
"One cannot talk of nationalisation," she said.
The French and German leaders met in this village east of Paris, the home and burial site of former French President Charles de Gaulle, to commemorate the 50th anniversary of a meeting between de Gaulle and German Chancellor Konrad Adenauer to seal reconciliation in the wake of World War II.
The meeting follows a weekend gathering in Washington of finance ministers from the so-called Group of Seven.
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