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France and Germany propose EU treaty changes, ECB role untouched

France and Germany will propose European Union treaty changes in the coming days, but the changes will not concern the role of the European Central Bank, said German Chancellor Angela Merkel in Strasbourg on Thursday.

Reuters/Philippe Wojazer
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She was speaking at the end of a meeting in Strasbourg between the leaders of the 2 countries and the Italian prime minister.

Germany would like a limited modification of existing treaties to enforce greater budget discipline on heavily indebted EU countries and empower the European Court of Justice to pursue the worst offenders.

Treaty changes must be ratified by all EU countries, a process which is by no means straightforward, particularly as some countries are constitutionally obliged to hold referendums before ratifying treaties.

And Britain, one of the EU’s three biggest economies, has already made clear that it would oppose any further moves to hand over sovereignty to the EU.

David Cameron’s government is under pressure to try to repatriate powers already ceded to the European Union.

But many analysts now predict that if the euro survives this crisis, an economic government comprising only eurozone countries, is inevitable.
 

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