1. The architecture of monetary Europe is insufficient. This weakness may lead to a worsening of the economic and social crisis.
2. We will do everything in order to strengthen the euro because a stable and strong euro, with all its members, is in the interest of employment, growth and social justice in each of our two countries.
3. If this is to happen, the rapid implementation of the July 21 Agreement is necessary but not sufficient.
4. We thus will convene in emergency our national parliaments and we are asking our European partners of the Eurozone to do the same.
5. We must go further to stabilize in the long-term the European construction.
6. For this, we want Europe to be equipped with the means of budgetary federalism, combining economic ambition, and financial accountability, conditions of employment.
7. Fiscal federalism which we long for goes through the establishment:
A. Of an economic governance of the Eurozone, bringing together the finance ministers of the euro area, under the direction of a common Minister of Finance.
B. The economic government will decide on a coordinated budgetary and fiscal strategy.
C. All countries of the Eurozone will have to participate in it, and meet its budgetary commitments, at the risk of losing the support of the other members.
D. The Eurozone will take care of a part (30%) of the public debt of each member country and, in order to finance it, will issue Eurobonds.
E. The debt servicing in Eurobonds will be provided by the transfer of two points of VAT, without new tax.
F. Half of the Eurobonds emission will be used to fund investments growth in the union.
G. The Eurozone will also implement a regulation of its banking institutions banning naked speculation on obligations of each Member State and on obligations in Eurobonds. This ban will be applied on all subsidiaries in the world of banking institutions headquartered in the Eurozone.