Germany, France To Present Joint Econ Initiative

France and Germany, the eurozone`s two largest economies, have been hit by the economic crisis.

Germany and France will present a joint initiative to help Europe better cope with crises like the current economic turbulence, Chancellor Angela Merkel and President Nicolas Sarkozy said on Saturday.

"We will approach the Czech presidency (of the European Union) with a joint initiative by Germany and France on how we can emphasise Europe's strength in these difficult times," Merkel told reporters in Munich.

Sarkozy, who was attending the Munich Security Conference together with Merkel, said the initiative would aim at strengthening Europe's unity and reactivity.

The two leaders gave no further details.

France and Germany, the eurozone's two largest economies, have been hit by the economic crisis.

Merkel's government expects the German economy to shrink by 2.25 percent this year, and France's Economy Minister Christine Lagarde has said she would be very surprised if 2009 was a year of positive growth.