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Statement on Franco-German proposals on euro area governance

President Sarkozy and Chancellor Merkel © EU

President Barroso and Commissioner Rehn issued a statement on Tuesday's proposals by President Sarkozy and Chancellor Merkel. They welcomed the step forward in our common efforts to strengthen the governance of the euro area and added that the Franco-German ideas represent "an important political contribution by the leaders of the two largest euro area economies." They stressed that "The challenges we are facing have made even clearer that a shared currency implies shared responsibility and demands closer coordination of economic policies."

The full statement by President Barroso and Commissioner Rehn