Barroso and Rehn welcome Sarkozy-Merkel proposals

The European Commission has issued a joint statement from its president and economics commissioner after yesterday's proposals from the French and German leaders for closer cooperative governance of economic policy across the EU.

European Commission President José Manuel Barroso and Commissioner for economic and monetary affairs Olli Rehn said the proposals were "a welcome step forward in our common efforts to strengthen the governance of the euro area".