Germany and France Call for Mandatory Balanced Budgets in the Eurozone

The countries' two leaders have reached an agreement on how to best protect the euro

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After watching the Americans have our embarrassing debt talks, which ultimately led to a credit downgrade and a shaky market, European leaders are taking action to handle the European debt crises. France and Germany's leaders, Nicolas Sarkozy and German Chancellor Angela Merkel, respectively, met to discuss plans to protect the euro and have called for all euro-using states to enshrine balanced budgets in their constitutions, reports the Associated Press. "All countries that use the euro should have mandatory balanced budgets and better coordination of economic policy, the leaders of France and Germany said Tuesday, pushing for long-term political solutions instead of immediate financial measures like a single European bond." Not only have the two aligned their budget strategies, but they also plan on harmonizing their countries' corporate taxes, "showing the eurozone's largest members are 'marching in lockstep' to protect the euro." Sounds like a plan.

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