France, Germany reportedly agree to share Eurozone post

BERLIN — In the latest of a series of face-saving compromises in troubled Europe, the German and French heads of state have reportedly agreed to share the chairmanship of the Eurozone finance ministers group.

The German newsweekly Der Spiegel reported Saturday that German Chancellor Angela Merkel and French President Francois Hollande had ended weeks of haggling by allowing German Finance Minister Wolfgang Schaeuble to take initial control of the group, which consists of the finance chiefs of the 17 European Union member states that use the euro currency.

Then halfway through the two-year term, he will be succeeded by French Finance Minister Pierre Moscovici, Der Spiegel reported.

The current chairman of the group, Luxembourg Prime Minister Jean-Claude Juncker, is to step down this month, after serving in the role since its inception in 2005. The group has political control over the common currency.

With the debt crisis in the Eurozone deepening and more integrated governance likely, the position is expected to grow in importance and stature.

Merkel had openly campaigned for Schaeuble to lead the group, and he has long been considered a front-runner for the job. After winning the French presidential election in May, however, Hollande put his own finance minister forward as a candidate. The reported compromise allows both leaders to claim partial victory.

Der Spiegel did not cite its source for the development in its short Web preview of the news story, which will appear in its print magazine Sunday.

John Gress Getty Images GOVERNMENT LEADERS Francois Hollande and Angela Merkel, seen at the NATO summit in May, are said to have compromised on a coveted EU position.