(Reuters) - Following are highlights of a news conference by French President Nicolas Sarkozy and German Chancellor Angela Merkel following bilateral talks in Paris to hone joint proposals for more central control of euro zone budgets.

PRESIDENT NICOLAS SARKOZY

The Franco-German agreement is very complete. It will be written up in a letter and presented to (European Council President) Herman Van Rompuy on Wednesday.

We want to make sure that the imbalances which led to the situation in the euro zone today cannot happen again.