The President of the European Commission has advised Germany to maintain the austerity programme in Europe as negotiations between Angela Merkel’s conservatives and the Social Democrats begin in earnest.
German Chancellor Angela Merkel was set to hold an emergency telephone conference with her French and Spanish counterparts on Friday amid fears that jittery financial markets could threaten the eurozone and damage the global economy.
Germany and France on Thursday threw their weight behind a second term for European Commision President Jose Manuel Barroso, but said he must commit to a clear plan for steering Europe.