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Game Jerseys Store The French and German leaders have called for "true economic governance" for the eurozone in response to the euro debt crisis. Speaking at a joint news conference, German Chancellor Angela Merkel and French President Nicolas Sarkozy urged much closer economic and fiscal policy in the eurozone. Ms Merkel said that further integration would be a "step-by-step" process. They also advocated a tax on financial transactions to raise more revenues. Negative reaction The two leaders said they wanted bi-annual meetings of the 17 heads of the eurozone governments, chaired by Herman van Rompuy, the current president of the European Council. Nike Shox Markets reacted negatively to the conference, with some investors saying that they were expecting bigger announcements. In New York, the Dow Jones Industrial Average fell 1.3% during and after the press conference, which took place after the close of trading in Europe, but recovered later. Government bonds in the US and Germany - seen as safe havens in any economic downturn - rallied in reaction to the leaders' comments. Ms Merkel again played down the chances of introducing "eurobonds" - jointly guaranteed debts of the 17 eurozone governments - as a solution to the crisis. NFL Jerseys The idea has been advocated by the Italian finance minister, Giulio Tremonti, as well as billionaire investor George Soros as a way of providing cheap financing to struggling governments while also incentivising them to put their finances in order. But the German chancellor said she only saw such a move coming at the end of a long process of fiscal union. Growth fears Instead, Ms Merkel proposed that a requirement for eurozone members to balance their budgets should be enshrined in each of their constitutions. Cheap Nike Shox "We will regain the lost confidence," she said. "That is why we go into a phase with a new quality of co-operation within the eurozone." In another initiative to increase tax revenues, the leaders advocated harmonising corporate tax rates across the single currency - something likely to be strongly opposed by the low-tax Republic of Ireland. However, Germany's insistence on government austerity across the eurozone has been criticised by some economists for undermining the economic recovery. The two leaders were meeting in Paris in the wake of last week's turmoil on the financial markets, which came amid fears of a renewed global recession and over the ability of Spain and Italy to repay their debts. Cheap NFL Jerseys Earlier on Tuesday, Germany revealed that its economy grew by just 0.1% in the three months to June, much more weakly than previously thought. Germany had been driving the economic recovery in the eurozone. Both French and German leaders, along with the European Central Bank, are putting pressure on so-called peripheral economies to extend austerity measures to try to balance their budgets. Major economies are also making cuts - Italy announced tougher austerity measures designed to reduce its budget deficit on Friday, while Spain has also said it will speed up spending cuts. Mens Nike Shox However, there are fears that spending cuts by governments - something strongly advocated by Germany - will undermine overall economic growth. In an article published in the Financial Times newspaper, the head of the International Monetary Fund, Christine Lagarde, warned governments that they must balance spending cuts with measures to support growth to avoid the risk of a double-dip recession. Ms Lagarde acknowledged the need for governments to reduce debt levels, but said "slamming on the brakes too quickly would hurt the recovery and worsen job prospects". It could also undermine further the confidence of international investors, she said. NFL Jerseys Sale US Vice-President Joe Biden is flying to China for talks likely to focus on the economy after the downgrading of US debt and ensuing market turmoil. China is the US government's biggest foreign creditor, holding $1tn (￡608bn) of debt, and has called on it to do more to reduce its budget deficit. Officials say Mr Biden will explain the finer points of a "very strong deficit reduction package" agreed by Congress. He will also talk of "tremendous mutual interest" in global economic recovery. The White House would not put it quite this bluntly but Vice-President Biden is hoping to reassure Beijing that President Barack Obama's administration has a handle on economic policy in the wake of ratings agency Standard & Poor's' downgrade. Womens Nike Shox Human rights From the American side, there are continuing concerns about China's currency - which is seen as artificially strong - and over a sharp increase in military spending by Beijing. In recent months there have been claims of cyber-attacks emanating from China, while long-standing differences over human rights and Tibet are likely to surface. But overall, Washington insists this is fundamentally a partnership and dismisses suggestions that US-China relations are a zero-sum game. Mr Biden is travelling at the invitation of his counterpart, Xi Jinping, as the Obama administration seeks to strengthen ties with the next generation of Chinese leaders. NFL Jerseys On Sale The vice-president's official visit to the region will also take in Japan and Mongolia.

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