New Euro Governance in Making?

The Continual slump in Euro economy with almost all European countries such as UK, Greece, Ireland, Spain, Portugal, France, German, Iceland, Portugal  in deeper debt crisis. France and Germany today have called for new economic governance which they term as true Euro Governance

Speaking at a joint news conference, German Chancellor Angela Merkel and French President Nicolas Sarkozy urged much closer economic and fiscal policy in the eurozone.

Ms Merkel said that further integration would be a “step-by-step” process.

They also advocated a tax on financial transactions to raise more revenues.

Sounds like the two leaders are planning taxing everyone for everything!

They further added, they wanted bi-annual meetings of the 17 heads of the eurozone governments, chaired by Herman van Rompuy, the current president of the European Council.

Germany had been driving the economic recovery in the eurozone. It seems the Global recession fears has finally caught Germany as well.