The EU might invoke an 'overpass' clause to head off individual nations' objections to more centralized budgetary powers.
The collapse of Europe's common currency may have been averted by a new France-German plan to centralize budget decisions, but critics worry about having Germany in charge.
When European leaders meet in Brussels this week, they must reach a 'grand bargain' that addresses both immediate and long-term solutions to the eurozone crisis. Proposals to date, including by Merkel of Germany and Sarkozy of France, must go further.
The Dow rose 78 points to close at 12097 after a threat to Germany's credit rating mostly erased an early morning rally
France and Germany agreed on a joint strategy to stem the European debt crisis: Rewrite the treaties that govern the eurozone.
Stock market prices in Europe and much of Asia are buoyed as Merkel and Sarkozy meet in Paris to discuss closer political, economic union. But the stock market in China fall on its worsening economic outlook.
The Dow Jones industrial average dropped 0.61 of a point to close at 12,019.42 but ended the week up 7 percent, the largest weekly gain since July 2009.
German Chancellor Merkel is pushing guarantees of greater fiscal discipline in exchange for a more assertive European Central Bank role in addressing the eurozone debt crisis.
Contrary to the West's view, Morocco's parliamentary elections this weekend didn't signal a bold step toward democracy. They showed just how far the country has to go to achieve real reforms – and how much more power the king must give up.