France and Germany 'considering smaller eurozone'

11 November 2011

Senior officials from France and Germany have been holding secret talks about the possibility of reforming the eurozone in the near future.

That is according to a senior source at the European Union, who told Reuters that the two nations have had "intense consultations" with regard to potentially trying to introduce a smaller eurozone.

In the recent past, both Germany and France have been frustrated at the way in which nations such as Greece and Italy have handled their debt crises, as this has had a significant impact on their own economic situations.

Therefore, the nations are considering forming a new eurozone that would exclude such risky fellow member states.

"The truth is that we need to establish exactly the list of those who don't want to be part of the club and those who simply cannot be part," the source added.

However, it is unlikely other European states would be keen for this to happen.

By Tony Aynsley

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