13.06 They're on to questions now, and Merkel says that if an EU-wide financial transaction tax is not possible, then Germany and France will push for a eurozone agreement. But she adds that she doesn't have full agreement in the German parliament on that. Could Germany block a scheme that risks pushing financial institutions out of the country? She certainly has a good track record of pushing through measures which are strongly opposed back home.
13.01 Sarkozy has also reaffirmed his commitment to implementing a financial transaction tax as soon as possible, saying that abnormal and "scandalous deregulations in the financial sector" must be curbed. He says that those who helped create the financial crisis should now be roped-in to help fix it...
Merkel also said that she wants European finance ministers to map out a plan for a financial transaction tax by March. Negotiations on an EU treaty, meanwhile, will be finished in the next few days and signed by March 1.
12.55 One line to come from the conference so far is that Merkel and Sarkozy have agreed to ask the ECB to do all it can do that the EFSF works as well as possible.
12.51 Sarkozy now takes the microphone, and also wishes us a Happy New Year.
We cannot have a future for Europe based on divergence between France and Germany. I've confidence in Mrs Merkel to work together on all subjects. Our analysis is the same. First of all, we should commit ourselves to the reduction of the deficit.12.49 She adds that if there is no progress on negotiating a Greek aid package, that the next tranche of aid can't be paid out.
12.47 Merkel wishes us all a Happy New Year. She starts by saying that the fiscal compact negotiations are going "quite well" and some points will be finalised by the EU meeting on January 30.
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