Despite signs of convergence between Berlin and Paris, the eurozone's most powerful nations have yet to resolve differences over who will pay for banks' capital needs, and over how deeply to restructure Greece's teetering debts, according to people familiar the talks. "We are determined to do what is necessary to guarantee the recapitalisation of our banks", Ms Merkel said. "We will make proposals in a comprehensive package that will enable closer cooperation between eurozone countries", she said, reiterating her view that it would be necessary to make changes to European Union treaties to allow greater European control over nations' budget discipline.
Sunday's summit, the latest of several bilateral talks between Ms Merkel and Mr Sarkozy, was scheduled to reduce the differences between the French and German positions ahead of the October 17 summit of European Union leaders in Brussels. Both governments are conscious that no effective European action is possible unless Berlin and Paris reconcile their often-different approaches to the crisis. Mr. Sarkozy said he and the chancellor were "determined to have a sustainable and comprehensive solution by the end of this month“.
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