German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed Monday to put economic measures in place by the end of October to calm the volatile Eurozone, according to a media report.
Merkel and Sarkozy pledged to defend the stability of the euro through bank recapitalization, but they did not offer more details their plans, the Financial Times reported.
“We are determined to do whatever is necessary for the recapitalisation of our banks," Merkel said, according to the FT.
The announcement from Merkel and Sarkozy is significant because France and Germany are the leading economies in the eurozone, weighed down recently because of Greece's financial woes.
Also on Monday, President Obama spoke with Sarkozy and British Prime Minister David Cameron about the eurozone, according to the White House. The leaders agreed that decisive action would be necessary to resolve the economic crisis roiling both sides of the Atlantic.
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