Hollande wants to deepen union in eurozone

French President Francois Hollande said yesterday he wanted to deepen the eurozone’s economic and monetary integration, as he headed into talks with German Chancellor Angela Merkel.

Summit of great importance for Europe’s future

“We both want to deepen economic, monetary – and in the future political – union, to arrive at integration and solidarity,” Mr Hollande said before the talks in Paris on the eve of a crucial EU summit to tackle the eurozone debt crisis.

He said the eurozone needed “integration as much as necessary, solidarity as much as possible.”

Germany has called for the eurozone to accept closer economic and political integration if the bloc is to move ahead with pooling its debts.

Noting that “many are looking to Europe,” Mr Hollande said: “We want to affirm its consistency, its strength, its unity and its solidarity.”

Mrs Merkel said the two-day EU summit starting in Brussels today will be “of very great importance for the future of Europe.”

“The situation is serious and we have an obligation to build a strong and stable future Europe,” she said.

“Significant progress has already been made regarding the growth pact,” she said, referring to a plan to invest up to €130 billion in kickstarting eurozone economic growth.

“I hope it can be adopted tomorrow (today).

“We need more Europe, we need a Europe that works, the markets are expecting this, and we need a Europe whose members help each other,” she added.

Meanwhile, Italy’s Parliament yesterday approved a controversial labour market reform in time for Prime Minister Mario Monti to arrive in Brussels with it in hand.

The text, which should help reassure Mr Monti’s EU partners on Italy’s commitment to reform, was adopted with a large majority of 393 in favour and 74 against, with 46 abstentions.

The government won four confidence votes on the text as the parliament fast-tracked steps necessary for approval on Tuesday and yesterday morning.

Mr Monti’s government says the reform is key to restarting growth in the recession-hit economy, which is also burdened by a massive national debt.