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MENAFN - Saudi Press Agency - 25/11/2012

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(MENAFN - Saudi Press Agency) A compromise must be found on European Union spending for 2014-20, Germany and France said ahead of a crunch summit on Thursday, but Chancellor Angela Merkel warned that more
time might be needed to strike a deal, according to dpa.

'This has to do with predictability for investments of the future.
That is why it is important that we reach a solution,' Merkel said
before talks started in Brussels. 'But whether we will manage in
these two days, I don't know ... We might need a second stage.'

'I am coming to get a compromise. I am not coming to give an
ultimatum,' French President Francois Hollande said as he arrived
shortly after. 'I am sure that with Germany, we are going to be - as
always - a motor to allow this compromise.'

But the two leaders detailed different priorities. Merkel spoke of
the need to 'be careful that spending is not too high ... in times of
budget consolidation.' Hollande defended agricultural spending and
said he would make sure 'growth policies can be fully supported.'

 






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