Merkel, Hollande to Work 'Closely' on EADS-BAE 'Project'; No Decision Taken
09/22/2012| 11:28am US/Eastern
Recommend:
LUDWIGSBURG, Germany--The leaders of France and Germany said Saturday that they will work closely on whether to ratify the planned merger of European defense group EADS (EADSY, EAD.FR) with Britain's BAE Systems (BAESY, BA.LN), but that they have yet to take a decision on the issue.
"We discussed what needs to be considered in connection with EADS and BAE," although "no decision was taken", German Chancellor Angela Merkel said at a joint press conference with French President Francois Hollande in this southern German town.
Ms. Merkel said concerns around the merger need to be "carefully" considered, also with the companies themselves. "We are aware of the timetable," she added.
For his part, Mr. Hollande said France had "decided to work closely with Germany" on the "project". He stressed that the merger is an important issue for Europe because it affects employment.
Turning to plans to create a single European banking regulator, the leaders appeared to differ on the speed at which the new watchdog should be put in place.
While Mr. Hollande stressed that the European Central Bank should become Europe's single banking watchdog as quickly as possible, Ms. Merkel suggested that "quality" is more important than speed.
The European Stability Mechanism, Europe's permanent rescue fund, "will be ready for use by the start of October, Ms. Merkel added.
-Write to Tom Fairless at tom.fairless@dowjones.com
Recommend :
