Updated

The leaders of Spain and France have announced that a new high-speed rail link between their countries will be inaugurated on Dec. 15.

Speaking in Madrid, Spain's Mariano Rajoy and France's Francois Hollande hailed the new bullet train service as a sign of closer ties between the two nations.

The trip between Barcelona and Paris will take just over six hours. It will eliminate the border hassle travelers currently face of changing trains, and is an alternative to an overnight train trip lasting 11 hours.

Rajoy and Hollande on Wednesday also discussed European issues such as a banking union and high youth unemployment. Hollande urged the European Central Bank to find ways to ease tight credit hurting small and medium size businesses in Spain and France.