Chancellor Angela Merkel gave no
ground on Germany’s demands for more central control over euro
member states in return for joint burden-sharing as the region
struggles to contain the debt crisis.
The German leader said yesterday she hadn’t softened her stance at last month’s summit in Brussels and that a so-called banking union involving a bloc-wide financial overseer will have to include joint oversight on a “new level.” She chided member states who had sought to slow moves toward greater central control “since the first summit” in the 2 1/2-year-old crisis.
“All of these attempts will have no chance with me or with Germany,” Merkel said in an interview with broadcaster ZDF in the Federal Chancellery in Berlin.
Two weeks after a European Union summit aimed at bridging differences over crisis resolution, euro leaders are still squabbling over details of how to lift the bloc out of the turmoil. Merkel hardened Germany’s position that any attempt to share burdens in Europe -- such as jointly issued euro bonds or common banking bodies -- must first be met with greater cooperation and a handover of some sovereignty to Brussels.
Today, Germany’s Federal Constitutional Court said it won’t rule on challenges to the region’s bailout fund, the European Stability Mechanism, until Sept. 12, two months after its intended starting date.
Read more: http://www.bloomberg.com/news/2012-07-15/merkel-says-attempts-to-avoid-greater-oversight-will-fail.html
The German leader said yesterday she hadn’t softened her stance at last month’s summit in Brussels and that a so-called banking union involving a bloc-wide financial overseer will have to include joint oversight on a “new level.” She chided member states who had sought to slow moves toward greater central control “since the first summit” in the 2 1/2-year-old crisis.
“All of these attempts will have no chance with me or with Germany,” Merkel said in an interview with broadcaster ZDF in the Federal Chancellery in Berlin.
Two weeks after a European Union summit aimed at bridging differences over crisis resolution, euro leaders are still squabbling over details of how to lift the bloc out of the turmoil. Merkel hardened Germany’s position that any attempt to share burdens in Europe -- such as jointly issued euro bonds or common banking bodies -- must first be met with greater cooperation and a handover of some sovereignty to Brussels.
Today, Germany’s Federal Constitutional Court said it won’t rule on challenges to the region’s bailout fund, the European Stability Mechanism, until Sept. 12, two months after its intended starting date.
Read more: http://www.bloomberg.com/news/2012-07-15/merkel-says-attempts-to-avoid-greater-oversight-will-fail.html
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