PARIS: The euro zone is moving towards a new governance pact with tougher budgetary regulation and real sanctions for rule breakers, which should help restore market confidence in the bloc, French Budget Minister Valerie Pecresse said on Sunday.
Asked whether France, Germany and Italy were preparing a tougher version of the bloc's Stability Pact on budgetary rules, Pecresse said it was not a pact which would just apply to the three largest economies of the euro zone.
"It is a new governance pact for all the members of the euro zone: governance with real regulators and real sanctions which will really provide confidence," Pecresse told Canal+ television.
"Germany, France and Italy want to be the motor of a Europe which is much more integrated, much more solid and with virtuous regulation mechanisms, which do not allow trickery," she said.
"The euro zone is going to head progressively toward much stronger integration."
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