Paris and Berlin must reach compromise

Newly inaugurated French President François Hollande's first trip abroad led him to Berlin on Tuesday. It is vital that the two countries reach a compromise on overcoming the debt crisis, writes the conservative daily The Times: "Germany is right to demand that other countries make structural reforms to economies, pensions and labour markets. But it also needs to accept that austerity alone will not get the rest of Europe moving. Not every country's plight stems from profligacy: many are suffering from the credit crunch and the adverse effects of having to function in the straitjacket of a single currency that has boosted German exports but made their own economies less competitive. ... Both sides have room to manoeuvre. Both need to compromise in the weeks between now and the Greek election, not pander to electorates. The stakes are too high to do otherwise."

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