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From: TFF5/30/2009 5:59:54 PM
1 Recommendation   of 12617
 
Sarkozy, Merkel Favor Business, Workers Over Speculators

By Kevin Costelloe

May 30 (Bloomberg) -- French President Nicolas Sarkozy and German Chancellor Angela Merkel said they favor business people and employees over financial speculators, in a joint commentary they wrote for a French newspaper and a German newspaper.

The contribution will appear in tomorrow’s editions of Le Journal du Dimanche, ahead of elections for the European Parliament taking place June 4-7. In the commentary, Sarkozy and Merkel joined other European Union leaders in urging voters in the 27-nation region to cast their ballots.

“Liberalism without rules has failed. This failure has led to the crisis that we face today,” the two leaders wrote. “The model that we want is that of an economy with a responsible market, which puts the businessman and the wage-earner ahead of the speculator, long-term investment above immediate profit.”

Merkel and Sarkozy urged other EU leaders to join in enacting financial regulation changes starting in June.

The two leaders said they rejected a “bureaucratic Europe that mechanically applies finicky rules and distrusts change.”

“A strong Europe does not necessarily always signify more powers for the European Union, more European laws and more financial means,” they wrote.

The text of the written commentary by Sarkozy and Merkel was released to the other news media in advance. Le Journal du Dimanche said it would also appear in the German newspaper Welt am Sonntag.
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