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Discord overshadows Franco-German harmony

The Local · 23 Sep 2012, 15:40

Published: 23 Sep 2012 15:40 GMT+02:00

reconciliation, there was disagreement at the weekend about plans to monitor Europe's crisis-hit banks.

German Chancellor Angela Merkel and French President Francois Hollande met on Saturday at the Baroque palace in Ludwigsburg, southwestern Germany, where Charles de Gaulle gave a watershed speech to German youth in 1962.

But despite affirmations that European unity was the only way out of the debt turmoil lashing the euro, they differed over a key plank of crisis-fighting: tighter checks on the European banking sector.

"I support a banking union, it is an important measure and we must proceed step-by-step," Hollande told reporters, while stressing that such a framework should be in place "the earlier the better".

Merkel, for her part, said Berlin also backed European oversight of lenders but urged a more cautious approach, saying haste could prove costly.

"For me it is important that quality is ensured. It is pointless to do something very quickly that in the end doesn't work," she said.

"It must be thorough, it must be of good quality and then we'll see how long it takes. We will get our finance ministers to work with each other on it as quickly as possible."

EU leaders agreed the new bank supervision system in June as part of a deal to allow the bloc's rescue funds to lend directly to stricken banks instead of passing aid through countries and so adding to their debt woes.

It is a first step towards a banking union and dovetails with moves towards the deeper economic and political cooperation aimed at taming the debt crisis which has brought the eurozone economy to a standstill.

But the proposal has driven a wedge between Germany and France, the team that sees itself as the engine of European integration.

While France would like to hand the European Central Bank power to supervise all 6,000 eurozone banks from January, Germany would like it to only keep an eye on big banks and is in little hurry.

Story continues below…

Merkel and Hollande were celebrating the day 50 years ago when De Gaulle spoke to young Germans, in their own language and without notes, and offered a new beginning in bilateral ties.

Merkel and Hollande, who have struggled to keep their initial friction to a minimum since the president took office in May, also discussed a mooted merger between EADS and Britain's BAE to create what would be the global aeronautics industry’s sector leader.

France and Germany hold major stakes in EADS, while the British state has a golden share in BAE. Saturday's festivities were the latest in a series of events celebrating 50 years of partnership between the wartime foes, now the EU's two biggest economies.

AFP/TheLocal/rc

The Local (news@thelocal.de)

Your comments about this article

16:17 September 23, 2012 by IchBinKönig
Where is the European harmony, guys? I read here that this was going to bring harmony and save us from wars. No, I must be confused. I guess, you guys were talking about the harmony of the Arab Spring, right? Or something about the 'Global Warming' threat?

Its a good thing that I get all my news @ theLoco.de! I would hate to actually learn the truth, ever.
21:29 September 23, 2012 by Hendrich Stein
An ounce of prevention is better than a pound of cure they say.

To this regard I suspect acting sooner than later is on order.

No lessons learned from failed policies that still risk seeking to act after the damage becomes irreversible... and reflected best by the beneficiaries, the larger players at the expense of of the little guy all along.

United Europe will stand, divided it will fall, in this oxymoron of a Union amid diversified interests.

Germany can save the day... but will it determines to be seen should they reciprocate the great liberties they were extended in able for them to exist, let alone become who they are today, Europe's economic powerhouse.
23:07 September 23, 2012 by usman.iftikhar
Comment removed by The Local for breach of our terms.
02:24 September 24, 2012 by sonriete
Better to take plenty of time to study this and make sure it comes out right, as Merkel says.

The rushed into the Euro prematurely and look at all the misery we have now with these endless bail outs, all the money made from a lower currency now goes to the bail outs anyway, where is the benefit?
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