France and Germany agree on banking union timetable

FXstreet.com (San Francisco) - German chancellor Angela Merkel and French president Francois Hollande said their countries have agreed on a banking union timetable and that no treaty changes are needed for this union. However, Merkel said that countries can't have more EMU solidarity without limiting sovereignty.

France and Germany also back the idea of a full time eurogroup president and no current ministers that must split his time between country and European affairs.

Hollande has announced that France will reform pensions by the end of 2013. This decision was backed as the country got two more years for deficit reduction.