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Sarkozy, Merkel Propose Eurozone Entity

PARIS-The leaders of France and Germany said in a press conference this afternoon that they believe joint effort by all countries using the Euro would be preferable to a quick financial fix.

By Robert Carr | Updated on August 16, 2011

PARIS-The leaders of France and Germany proposed better methods to work together on crises within the Eurozone, rather than adding new financial tools, in a press conference this afternoon here. French President Nicolas Sarkozy and German Chancellor Angela Merkel made the remarks after meeting to talk about recent uncertainty regarding the stability of some of the zone’s financially weakest members, such as Greece, Portugal, Ireland and Spain.

While some global finance experts have warmed to the idea of issuing a single European bond, both Sarkozy and Merkel said cohesiveness and cooperation between the countries in the zone are better solutions. The market didn’t’ seem to agree, with the Dow Jones Industrial Average plunging more than 150 points to 11,294 right after the press conference. The market since has rebounded to just 60 points lower since the opening bell.

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