Hollande announces Franco-German economic initiative

(BRUSSELS) - France and Germany are working on a joint economic initiative to put to their European Union partners at a summit in June, French President Francois Hollande said Wednesday.

It would be the first Franco-German initiative since the French Socialist leader took office a year ago.

Hollande said at the close of an EU tax and energy summit that he and Chancellor Angela Merkel were planning talks "so we can adopt together a joint contribution" for the next June 27-28 meeting of EU heads of state and government.

Hollande said that after talks with Merkel in Leipzig on Thursday the two would meet again May 30 to discuss the initiative.

Hollande offered no further details but the end-June summit is scheduled to focus on ways of boosting growth and jobs.

He said he would also meet with Merkel on July 3 to discuss youth unemployment, which is causing growing concern across the 27-member bloc, with almost two out of three under 25-year-olds out of work in Greece and in Spain.

"Madame Merkel is organising a meeting in Berlin with labour ministers from all member states on the vital question of youth unemployment," he said.

"There too we will have to make joint proposals," he added.

In Berlin on Wednesday, German Labour Minister Ursula von der Leyen and Finance Minister Wolfgang Schauble unveiled a Franco-German plan to combat youth joblessness in Europe.