Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

France's Plan to Tackle Racism

Read more

THE WORLD THIS WEEK

Marine Le Pen and Thomas Piketty in Time magazine's power list; EU takes on Google; Gunter Grass dies (part 2)

Read more

THE WORLD THIS WEEK

Deadly Crossing: Migrants desperate to reach Europe; Abadi in Washington (part 1)

Read more

EYE ON AFRICA

Xenophobic attacks in South Africa: anti-violence marches and anti immigration protest

Read more

FRANCE IN FOCUS

French PM outlines action plan against racism, anti-Semitism

Read more

REPORTERS

Turkey’s hidden Armenians search for stolen identity

Read more

REVISITED

Families of slain Marikana miners still demanding justice

Read more

#TECH 24

Europe vs. Google: EU accuses search giant of market dominance abuse

Read more

#THE 51%

Women in America: Land of the free, home to the less-paid

Read more

Europe

Europe needs ‘reinforced political union’, says Merkel

Text by News Wires

Latest update : 2012-06-07

German Chancellor Angela Merkel said Thursday she would work toward a reinforced political union in Europe "first and foremost," saying that it cannot wait for all nations to be on the same page economically.

AFP - German Chancellor Angela Merkel said Thursday that she would work towards a reinforced political union in Europe with willing partner countries even if that meant a two-speed approach.

"We need more Europe... a budget union... and we we need a political union first and foremost," Merkel told German public television. "We must, step by step, cede responsibilities to Europe."

The German leader, who has been criticised for staunch opposition to some proposals to resolve the eurozone debt crisis, added: "We must not remain immobile because one country or another does not want to follow yet."

On Wednesday, Merkel discussed the crisis with US President Barack Obama and Italian Prime Minister Mario Monti in the latest in a series of calls with global leaders.

British Prime Minister David Cameron also called on Europe Wednesday to come up with an "immediate plan" to resolve the eurozone crisis. Cameron will meet Merkel for further talks in Germany later Thursday.

European Union leaders are under intense pressure from their populations as well to take action to break the back of the two year old crisis at a June 28-29 summit in Brussels.

But Merkel told German television that not all of the bloc's problems could be solved with one summit meeting.

The German chancellor said she did not believe "that one summit is capable of settling everything in one fell swoop."

What she wanted to do at the summit was to propose a framework for getting to a stronger political union, she added.

She explained again how she felt Europe could spur growth to help governments pay down their massive debts and reduce dogged public deficits.

"Budget consolidation and growth are two sides of the same coin," she said.

Sustainable growth could only come from boosting the competitive positions of all EU members, Germany's leader added.

"We must, in each European country, confront our respective weaknesses," Merkel said.

The debt crisis' current focus is on the Spanish banking sector, and Finance Minister Luis De Guindos said Wednesday that Madrid would decide how to fill a massive hole in the banks' finances within two weeks.

Madrid must come up with 80 billion euros ($100 billion) for bank recapitalisations in the midst of a deep recession brought on by the bursting of a Spanish real-estate bubble.

The International Monetary Fund is to report on the state of Spain's banks on June 11, with separate studies by outside consultants including the world's biggest firms of auditors also due over the following week and months.

 

Date created : 2012-06-07

  • DIPLOMACY

    Hollande turns tide against Merkel's austerity

    Read more

  • DIPLOMACY

    Eurozone woes to top G8 summit agenda

    Read more

COMMENT(S)