The leaders of France and Germany disappointed financial markets Tuesday by ruling out issuing euro bonds to fix Europe’s debt crisis. Instead, they agreed to float proposals in September for a tax on financial transactions and push for closer joint governance of economic policy. Many experts say the only way to ensure affordable financing for the bloc’s most financially distressed countries would be for the euro area to issue joint eurobonds. But both French President Nicolas Sarkozy and German Chancellor Angela Merkel said they believed euro bonds were not part of the solution to Europe’s debt crisis…Sarkozy and Merkel also proposed that all 17 euro zone countries commit to balanced finances and write that goal into their constitutional law by summer 2012. Among other measures announced, he said they would also seek to ensure better cross-border economic government for the euro zone via twice-yearly meetings of leaders and the creation of a two-and-a-half-year presidency to steer this forum. [CNBC, earlier]

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  1. Posted by Guest | August 16, 2011 at 2:14 PM

    Eurobond… is that like Monopoly money?

  2. Posted by Sarcazy | August 16, 2011 at 2:19 PM

    Merkel's merkin makes men mad.

  3. Posted by pazzo83 | August 16, 2011 at 2:30 PM

    No, that would be the US Dollar.

  4. Posted by Guy who is scared | August 16, 2011 at 2:31 PM

    Where is Matt? We havent heard from him yet today. I'm starting to get worried he's about to drop a 14 page article on us (without pictures)!

  5. Posted by Guest | August 16, 2011 at 2:39 PM

    Preferably a series of event studies analyzing the impact of adopting austerity measures in Eurozone countries.

    Regressions mandatory (as if I have to tell him)

  6. Posted by FKApmco | August 16, 2011 at 2:45 PM

    With some beautiful charts. Bar, line, column, pie, area, scatter, doughnut, bubble; I don't care. I just love a really nice chart.

  7. Posted by Guest | August 16, 2011 at 2:56 PM

    How about some advice for a probit model?

    - guy who (most unfortunately) knows that this data wouldn't lend itself to a probit model but wanted to make a dirty-ish joke anyways

  8. Posted by minus 1 | August 16, 2011 at 3:01 PM

    Maybe he should have offered them a $50,000,001 house on Madison, or the Champs Elysee or w/e those frenchies are into

  9. Posted by guest | August 16, 2011 at 3:16 PM

    From the AP:

    "Sarkozy and Merkel also proposed a Europe-wide tax on financial transactions and pledged to harmonize their countries' corporate taxes and in a move aimed at showing the eurozone's largest members are "marching in lockstep" to protect the euro."

    German chancellors should really avoid the phrase "marching in lockstep".

  10. Posted by FKApmco | August 16, 2011 at 3:23 PM

    A probit model would be Bliss.

  11. Posted by Guest | August 16, 2011 at 3:31 PM

    That's what all the girls tell me… usually after they stop crying

  12. Posted by FKApmco | August 16, 2011 at 3:43 PM

    You may have missed the joke, Guest. The idea of probit was introduced by a dude called Chester Bliss.

    -gal who hopes her knowledge of math doesn't ruin her reputation as a tart

  13. Posted by The Truth | August 16, 2011 at 3:50 PM

    1. No one buys European bonds
    2. Tax people buying European bonds
    3. Solvency!

  14. Posted by Karl der Grosse | August 16, 2011 at 4:23 PM

    Reviving the Holy Roman Empire is the NKI

  15. Posted by early_hominid | August 16, 2011 at 4:48 PM

    Must be very disappointing for George, he was so excited about this. Had his hands in position, lube, everything.

  16. Posted by Guest | August 16, 2011 at 4:48 PM

    Well I hope Chester is happy with his 2nd best model for explaining dummy LHS variables.

    - guy who is bitter I didn't know/catch that… well played

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    What the fuck this soap opera fucker has to do with EU crisis? –DSK

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    He does worse things to European currencies than what you did to the maid.

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