French President Nicolas Sarkozy yesterday proposed holding regular summits among eurozone membersto coordinate their policies in response to the global financial crisis.

"It is not possible for the eurozone to continue without clearly identified economic governance. We cannot continue in thisway," Sarkozy, whose country currently holds the rotating EU presidency, told the European Parliament in Strasbourg, France.

"Genuine economic governance would be for the Eurogroup to meet at the level of heads of state and government," he added.

Leaders of the 15 EU nations that use the euro held their first ever summit in Paris earlier this month in response to an urgent call by Sarkozy, in a bid to find coordinated solutions to the financial crisis.

Sarkozy wanted the emergency summit to become a regular one, suggesting that Luxembourg Prime Minister Jean-Claude Juncker, who now chairs the monthly meeting of eurozone finance ministers, also chair the summit.

"Juncker is a high-caliber man and could doubtless take on both duties," he said.

Sarkozy has long been in favor of a stronger role for eurozone governments in management of their single currency, which should be handled by the European Central Bank (ECB) independently.

Several members, notably Germany and the Netherlands, are against the idea of a eurozone summit for fear that it could divide the EU and exert political interference in the ECB's independence.

Sarkozy said there should be policy dialogue between the ECB and national governments, noting that the summit would not necessarily undermine ECB's independence.

"There is no doubt about the independence of the ECB and it is extremely important to guarantee the independence of the ECB ... it can also discuss things with the European heads of state," he said.