German-French duo must involve ECB

German Chancellor Angela Merkel and French President Nicolas Sarkozy want to present their strategy for countering the euro debt crisis today in Paris. But there can be no talk of a solution without the help of the European Central Bank, writes the business paper Les Echos: "Once again the German-French duo must point the way out of the crisis. But an error of perspective concerning the means available for solving the crisis must be corrected in this regard. ... France and Germany are discussing automatic sanctions for irresponsible countries and a reform of the EU treaties (How? When? With how many members, 27 or 17?) and the role of the European Court of Justice. ... The idea is to reassure creditors that no more debts will be waived. But even though an agreement is necessary here, it will not prove sufficient. The solution to the persistent mistrust of the markets remains in the hands of the European Central Bank, which alone can calm the Eurozone."

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