French President Nicolas Sarkozy, left, smiles as he greets German Chancellor Angela Merkel prior to their meeting at the Elysee Palace in Paris, Monday Dec. 5, 2011. The leaders of Germany and France will try to agree Monday on a cohesive plan to help save the euro through stricter oversight of government budgets. Financial markets signaled optimism that French President Nicolas Sarkozy and German Chancellor Angela Merkel will unveil a unified plan that tightens political and economic cooperation among the 17 European Union countries that use the euro and sets the stage for more aggressive aid from the European Central Bank. (AP Photo/Remy de la Mauviniere)
French President Nicolas Sarkozy, left, smiles as he greets German Chancellor Angela Merkel prior to their meeting at the Elysee Palace in Paris, Monday Dec. 5, 2011. The leaders of Germany and France will try to agree Monday on a cohesive plan to help save the euro through stricter oversight of government budgets. Financial markets signaled optimism that French President Nicolas Sarkozy and German Chancellor Angela Merkel will unveil a unified plan that tightens political and economic cooperation among the 17 European Union countries that use the euro and sets the stage for more aggressive aid from the European Central Bank. (AP Photo/Remy de la Mauviniere)
France's President Nicolas Sarkozy awaits German Chancellor Angela Merkel to discuss Europe's financial crisis at the Elysee Palace in Paris, Monday , Dec. 5, 2011. The leaders of Germany and France will try to agree on Monday on a cohesive plan to help save the euro through stricter oversight of government budgets. (AP Photo/Michel Euler)
France's President Nicolas Sarkozy, left, welcomes German Chancellor Angela Merkel, right, to discuss Europe's financial crisis at the Elysee Palace in Paris, Monday, Dec. 5, 2011. The leaders of Germany and France will try to agree on Monday on a cohesive plan to help save the euro through stricter oversight of government budgets.(AP Photo/Michel Euler)
French President Nicolas Sarkozy greets German Chancellor Angela Merkel prior to their meeting at the Elysee Palace in Paris, Monday Dec. 5, 2011.The leaders of Germany and France will try to agree on Monday on a cohesive plan to help save the euro through stricter oversight of government budgets.(AP Photo/Remy de la Mauviniere)
French President Nicolas Sarkozy, right, smiles as he shakes hands with German Chancellor Angela Merkel prior to their meeting at the Elysee Palace in Paris, Monday Dec. 5, 2011. The leaders of Germany and France will try to agree Monday on a cohesive plan to help save the euro through stricter oversight of government budgets. Financial markets signaled optimism that French President Nicolas Sarkozy and German Chancellor Angela Merkel will unveil a unified plan that tightens political and economic cooperation among the 17 European Union countries that use the euro and sets the stage for more aggressive aid from the European Central Bank. (AP Photo/Remy de la Mauviniere)
PARIS (AP) ? French President Nicolas Sarkozy says a jointly issued bond by all the countries that use the euro is not the solution to the continent's debt crisis.
Many analysts have said that only by issuing bonds backed by the whole eurozone will Europe be able to save its shared currency.
Stronger countries, like Germany and France, have resisted those calls, but some thought that as the crisis worsens they might be forced to relent. Sarkozy reiterated Monday, however, that a common bond was "in no way" the solution to the crisis.
He spoke after a meeting with German Chancellor Angela Merkel at the start of a crucial week for the eurozone. Markets cheered their comments, with the euro and stocks and bond yields edging lower.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
PARIS (AP) ? The leaders of Germany and France are calling for a new European Union treaty to ensure that the region's debt crisis never happens again.
French President Nicolas Sarkozy said Monday after a meeting with German Chancellor Angela Merkel that they would prefer a treaty agreed by all 27 members of the European Union but would also accept a treaty among just the 17 countries that use the euro.
The new treaty should include automatic sanctions for countries that violate rules meant to keep government deficits in check.
The meeting comes at the start of a crucial week for the eurozone, as it struggles to convince markets that it is able to solve its debt crisis.
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