Germany supports a new euro that could exclude weaker nations, according to anonymous sources. French President Nicolas Sarkozy called for a two-speed Europe last week, saying, “In the end, clearly, there will be two European gears: one gear towards more integration in the eurozone and a gear that is more confederal in the European Union.” But France does not call the shots in Europe—Germany does. This makes the reports of German support far more significant.
“France and Germany are understood to want to strengthen the union between eurozone countries with new taxes and legal measures to stop nations borrowing and spending too much in future,” the Daily Telegraph’s Brussels correspondent Bruno Waterfield writes. “Weaker countries such as Greece could even be barred from the new eurozone, under radical suggestions from some of those involved in discussions over the plan.”