EU's Weak Economies 'To be Sanctioned'

France and Germany have signed a joint declaration on tightening punitive measures against European Union countries that fail to curb their soaring budget deficits.

The two countries sent their joint proposals to the EU on Wednesday, calling on the 27-member bloc to speed up the process it deems necessary for the establishment of economic convergence.

According to AFP, the declaration also called for the imposition of sanctions on countries that undermine the stability within the EU's financial regulatory system.'

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