Scholz: EU states need agreement on how to reduce debt

European Union member states need to reach a binding agreement on how to reduce their high debt levels, German Chancellor Olaf Scholz said on Monday.

"That agreement has to be binding, facilitate growth and be politically marketable," Scholz said according to the text of a speech for delivery at the Charles University in Prague.

"And, at the same time, it must enable all EU member states to weather the transformation of our economies by means of investment," he added.