'French and German leaders have called for amendments to the European Union (EU) treaty in order to enable the bloc to deal with the eurozone debt crisis that is threatening the global economy.

French President Nikolas Sarkozy and German Chancellor Angela Merkel held crisis talks in Paris on Monday, the Associated Press reported. The proposed changes aim at checking the uncontrollable spending and borrowing that led to the debt crisis in the realm of the common currency.

The amendments include the imposition of sanctions against any eurozone state whose budget deficit runs higher than 3 percent of GDP.'

Read more: Paris, Berlin Call for EU Treaty Change