Crunch talks a ‘defining’ moment for euro

CRUNCH talks between the eurozone’s two biggest economies have been described as a “defining moment” for Ireland and the eurozone by one of Ireland’s top economists.

It is hoped today’s meeting in Paris between German chancellor Angela Merkel and French president Nicolas Sarkozy will produce a road map for the 17-nation eurozone as it battles a growing sovereign debt crisis.

Last week, European markets saw their worst losses since 2008, adding further impetus to calls from the French government for the eurozone countries to forge a more centralised financial system — a move strongly opposed by Berlin.