German business lobbies call for tough euro rules

Germany's main business lobbies on Sunday called on countries sharing the euro currency to adopt tough rules at an upcoming summit aimed at sorting out Europe's debt crisis. In an open letter to euro zone leaders, the heads of the BDI, BDA, DIHK and ZDH industry associations urged countries to adopt German proposals aimed at strengthening fiscal discipline.
"We thus support the government's proposals for solid budgets and competitive European economies," the leaders wrote. "Collectivising debt - as is being debated - would on the contrary overburden strong states and weaken Europe."
Berlin, with Paris' backing, wants euro zone countries to agree to a competitiveness pact at the March 11 meeting in Brussels in exchange for boosting the scope and capacity of an emergency fund for bailing out countries cut off from the markets.