At special summit between German Chancellor Angela Merkel and France's President Sarkozy an agreement was reached that would advance the European Rescue Package from 2013 to 2012. Both leaders urged a uniform debt brake for European countries.
During the meeting in Paris the two leaders committed to stricter European Stability rules as soon as possible. At the EU Summit, scheduled for the end of the week, both leaders are committed to change the treaty for budget controls of member nations. Merkel said that both her and Sarkozy are absolutely committed to effect change among the 17 Eurozone leaders, should the talks run into difficulties with all 27 EU members.
The anticipated contintued rescue mechanism effective in 2013 is to be advanced to 2012. Sarkozy said that the President of the European Union Council, Herman Van Rompuym, would receive a letter, authored by the two leaders, outlining the details of their plan. He said that the current debt crisis should never be repeated.
"What is happening now may never happen again," Sarkozy said.
The two leaders also aim at getting automatic sanctions against debt sinners, which would be decided by a qualified majority. Sarkozy also stressed the independence of the European Central Bank.
US Treasury Secretary Tim Geithner is expected to be in Europe until Thursday, however he will not attend the EU summit on Friday.