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Mixed responses to Franco-German proposals in Europe

08-18-2011 13:50 BJT

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In our top story this morning, plans from France and Germany to stem euro debt concerns have received a chilly response from other euro-zone countries. Austria, Finland and Ireland all questioned the bold proposals to give up sovereignty over budgetary policies, as a means to shore up their 17-nation currency bloc.

There are concerns the Franco-German proposals will re-open a number of contentious debates within the EU, further sapping investor confidence. Both Spain and Italy held out hope that Merkel and Sarkozy would change their minds and embrace joint euro bonds.

Despite the dissatisfaction and criticism, the European Commission has given its full support to the proposals, saying they will prop up the economies of euro-zone countries.

A spokesman for the Commission says it agrees with the need to strengthen the economic part of the European Union, and the proposals by Merkel and Sarkozy are a step in the right direction.

Editor:Li Wanran |Source: CNTV.CN

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