The eurozone's three biggest economies sought to present a united front in their struggle to save the single currency yesterday, but failed to conceal differences over the European Central Bank's role in fighting the debt crisis.
President Nicolas Sarkozy of France said that he and German Chancellor Angela Merkel wouldpropose changes to key EU treaties to allow deeper European integration. France, Germany and Italy said they would do what it takes to save the euro.
"We want a strong, stable euro ... we will do everything to defend it," Merkel said after the Strasbourg meeting at which the French and German leaders met new Italian Prime Minister Mario Monti for the first time.
But although most concern has focused so far on Italian debt, signs have emerged this week that even Germany and France are not immune from the crisis that has already seen smaller eurozone countries bailed out. And yesterday it appeared that German arm-twisting was necessary before Sarkozy would emphasise the need for new EU treaties to rescue the eurozone, as opposed to calling in the ECB in an emergency move to buy up debt.
Sarkozy said that "propositions for the modification of treaties", designed to impose greater fiscal discipline, would be presented in the coming days - in time for the next summit on December 9.
Some EU countries fear that treaty changes will take too long and might prove politically difficult to enact. Luxembourg's Foreign Minister, Jean Asselborn, said to Merkel: "If you, dear Chancellor, get your wish ... please do not forget the risk that the EU could implode. Do I need to remind you that Spain and Luxembourg were the only countries in 2005 to vote 'yes' to the EU's constitutional treaty?"
At the Strasbourg meeting Mr Monti briefed his French and German counterparts on new Italian reforms aimed at slashing debt.
