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"Things cannot continue as they have done up until today"
- Nicolas Sarkozy, French President
German Chancellor Angela Merkel and French President Nicolas Sarkozy said Monday they are planning changes to the European Union treaty to ensure tighter fiscal policy among member countries and win back investor confidence.
"Things cannot continue as they have done up until today. Our preference is for a treaty among the 27 [EU members], so that nobody feels excluded, but we are open to a treaty among the 17 [euro members], open to any state that wants to join us," Sarkozy told a press conference after the meeting.
"This treaty would contain the following things: We want automatic sanctions in the event of a breach of the rule on deficits below 3 percent [of GDP]," he said.
"We want a golden rule that is reinforced and harmonized on the European level so that the budgets of all 17 [euro zone states] have a constitutional rule to ensure that national budgets move toward a return to equilibrium," Sarkozy added.