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Hollande wants to create eurozone "economic gov't" to face possible financial turmoil

Xinhua, July 14, 2015 Adjust font size:

French President Francois Hollande on Tuesday announced an initiative to create "an economic government" for the single currency bloc after the Greek debt crisis threw off the financial stability in the euro area.

Speaking to local television channels, the French president also called for a common budget for the 19-nation euro zone, and closer harmonization of fiscal and social policies to cope with any eventual financial trouble.

For the French president, the new proposal aimed at "giving Europe more solid foundations," and taking stronger action which was to say acting in the interest of the people.

"In the long-term, I would also like for there to be a parliament for the euro zone," he unveiled without giving further details.

Hollande's initiative came after the Greek debt crisis tested the stability of the European bloc during month-long talks between Athens and its international creditors.

During an interview for France's national day, also known as Bastille Day, Hollande said, "It would have been a humiliation if Greece was forced out of the euro."

"There was no question of humiliating a people ... That is not my idea of Europe," he stressed. Endit