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Monetary union would be joined by fiscal union, but on the strict German model (Photo: Wolfgang Staudt)

France and Germany propose 'hair-shirt union'

At an EU summit on Friday (4 February), Germany and France are set to present a privately-constructed pact to deliver a true fiscal union alongside monetary union to the eurozone, but based on the Berlin model of growth.

The pair aim to construct a comprehensive solution to the debt crisis that will once and for all tame the beast of market turbulence.

The two states will unveil the broad outlines of the plan, which proposes harmonisation of corporate taxation and labour policies,...

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Monetary union would be joined by fiscal union, but on the strict German model (Photo: Wolfgang Staudt)

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