France, Germany to unveil eurozone reforms in March

Germany and France will offer their joint vision for reforming the eurozone by March, German Chancellor Angela Merkel said on Friday, in an effort to bridge divisions over the future of the single currency.

Meeting without departure-bound Britain, the bloc's 27 leaders were tasked by EU President Donald Tusk to speak freely about their often clashing visions for the single currency's future at a summit widely expected to be dominated by Brexit.

Overhauling the eurozone and making it more resilient to economic shocks has been a top priority of French President Emmanuel Macron, as well as European Commission head Jean-Claude Juncker.

But these ambitions have been stymied by political uncertainty in Germany, where Macron-ally Merkel is still trying to form a government after the pro-business FDP party abandoned talks amid doubts about eurozone reform. "We will find a common position because it is necessary for Europe," Merkel said at a news briefing, speaking alongside Macron after a summit that was dominated by Brexit.

Merkel's overture to France will rankle her conservative CDU party, which toes a austerity-minded line on economic matters.

Reform of the eurozone is often blocked in a political split, with rich countries -- such as Germany and the Netherlands -- reticent to adopt policies that share risks with their heavily-indebted eurozone partners, such as France, Spain, Italy or Greece.