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Brussels blog by some wire service journalists

French, German leaders urge elected eurozone chief

By DON MELVIN and SARAH DiLORENZO

BRUSSELS (AP) — The leaders of France and Germany said Wednesday that they want the heads of the eurozone countries to elect the president of a new “economic government” who would direct regular summits to respond to the continent’s financial crisis.

For many in the markets, the proposal fell short of hopes: a grand plan to save the euro and, in particular, a sign the eurozone was moving toward a single bond issued by the 17 countries.

French President Nicolas Sarkozy and German Chancellor Angela Merkel outlined their proposals in a letter to Herman Van Rompuy, president of the European Council. They said that they hoped Van Rompuy would get the job.

The two leaders, who met in Paris on Tuesday, called the twice-yearly summits “the cornerstone of the new economic government of the eurozone.”

READ THE FULL STORY HERE.

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Don Melvin

Slobodan Lekic

Raf Casert

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