Eurozone states consider new pact amid debt crisis

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Eurozone states consider new pact amid debt crisis

The Associated Press Published Sunday, November 27, 2011 2:27PM EST

France Budget Minister Valerie Pecresse works as France Finance Minister Francois Baroin, unseen, delivers a speech at the National Assembly in Paris, France, Tuesday, Sept. 6, 2011.

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PARIS - The French budget minister says France and its eurozone partners are working on an "overhaul" of European treaties to help restore market confidence in their ability to reduce high state debt and deficits.

Valerie Pecresse has floated the idea of a governance pact among eurozone members that will include "real regulators, real sanctions" to help restore confidence in the currency union.

Speaking Sunday on Canal Plus TV, she said the eurozone's biggest economies -- France, Germany and Italy -- want to be the "motor" of a more integrated Europe.

Pecresse said the 17 eurozone members must show solidarity and each country must rid itself of the debt and deficit problems that are behind the continent's deepening debt crisis.