France Leader Francois Hollande says economic downturn is currently “intimidating the very identification of Europe”.

Talking at a news meeting in Paris, he said the economic crisis was right now manageable and “at the rear of us” but “what exactly is striking Europe is a economic downturn… triggered by the austerity policy”.

Mr Hollande was talking after numbers revealed France to be back in economic downturn.

He explained he’d press to the development of a eurozone financial authorities with a actual leader, to satisfy each month.

That authorities might seek to harmonise Western european taxation and mutualise sovereign financial debt, he said.

Germany has long insisted that the EU is not really prepared institutionally to mutualise financial debt a approach that specialists say would need EU treaty modify.

Germany along with other richer eurozone nations are hesitant to supply more taxpayer financed bailouts for less strong eurozone people, following the debacles in Greece, Cyprus and some additional “periphery” nations.

“If Europe doesn’t enhance it is going to fall and even be worn out from the globe map,” Mr Hollande said.

“My responsibility is to provide European countries away from its sleepiness.”

Critics say Mr Hollande has become slow to deal with France’s work problems, and viewpoint polls recommend a large recession in his reputation a year right after he got office.

Mr Hollande said that it was a “great transmission” that the European Commission rate had “began to be aware of risks and dangers” of fiscal austerity.

He also advised the EU to create ahead prepared investing to fight youth joblessness, that has arrived at report ranges in Greece and Spain.

Hollande: Europe’s identification in danger from economic downturn

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