“We are aware that more solidarity needs more integration, so less sovereignty”, Cazeneuve said. “The problem of France is not sovereignty. The crisis is very deep, we want to organise this solidarity in order to be strong in front of the markets.” French President François Hollande has advocated bonds backed by all 17 members of the euro area to help end the region’s sovereign debt crisis. German politicians such as Kurt Lauk have replied that if France wants eurobonds, it should agree to give up power over its own financial affairs in return.
Cazeneuve said in the interview that he expects euro area governments to agree on a new system of bank supervision for the 17-member bloc by year end, and that agreement will help calm debt markets.
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