European leaders are preparing to unveil their plans for addressing the sovereign debt crisis that’s threatened to tear apart the eurozone. Both France and Germany are expected to push for changes to the eurozone treaty, including centralized oversight of national budgets and tighter reins on debt. In a speech on Thursday, French President Nicolas Sarkozy said radical changes are needed in order to save the euro.

French President Nicolas Sarkozy: “Let me say it here: Europe must be rethought, refounded. It is urgent. The world won’t wait for Europe. If Europe doesn’t change fast enough, the history of Europe will be written without it. This is France’s conviction, and it is Germany’s conviction. We must discuss our budget policy, not so that they should be the same everywhere when situations are different, but so that they can converge rather than become more distant. Let’s examine our budgets, with punishments that are more automatic, more rapid and more strict for those who do not respect their commitments.”