Germany, France to form new plan to help eurozone

BRUSSELS: EU leaders have agreed to work for closer economic cooperation amid worries about high debts in countries that use the struggling euro.

French President Nicolas Sarkozy says he and German Chancellor Angela Merkel will present new proposals to reduce differences among the economies that use the euro.

Sarkozy says ``we have to tackle the competitiveness gaps within the 16 eurozone nations.''

Belgian Prime Minister Yves Leterme says, ``Monetary union requires an economic union, nobody can avoid this destiny.''

Both spoke after a summit of the leaders of the 27 EU nations ended on Friday.