Saturday, 23 June 2012

Leaders of Germany, France, Italy, and Spain met in Rome


Leaders of the eurozone's four  biggest nations have agreed on a 130 billion euro package to boost economic growth.The leaders of Germany, France, Italy, and Spain met in Rome on Friday in preparation for an EU summit due to be held next week.At a joint news conference after the talks, Italian Prime Minister Mario Monti said fiscal discipline without prospects for economic growth was neither economically nor politically possible.

Monti said the leaders had agreed on the need for growth measures worth 130 billion euros, equal to one percent of the eurozone's economic output.The four  leaders also agreed to push for a tax on financial transactions.

German Chancellor Angela Merkel said international financial markets had not done enough to help deal with the financial crisis even though many people think they were a major cause.

The leaders said they had agreed to pursue more economic integration in Europe over the long term. They said ways to achieve economic integration will be on the agenda at the EU summit next week.

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