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Merkel and Cameron - fiscal pact not enough
Published: 7 Jun 12 16:40 CET | Print version
Online: http://www.thelocal.de/politics/20120607-43023.html
German Chancellor Angela Merkel and British Prime Minister David Cameron agreed on Thursday that the EU's fiscal pact was not enough in itself to resolve the crippling eurozone debt crisis.
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For his part, Cameron added that the fiscal pact, which non-euro Britain has not signed, was "important but not sufficient" to pull the eurozone out of its malaise.
Merkel said that looking further out, the eurozone need to pool sovereignty in areas other than tax and spending if such crises were to be prevented from happening again.
"When we look at the medium and longer term, we need more coherence, not just in terms of fiscal policy, but also in other areas ... (the fiscal pact) is a necessary step, but not sufficient," she added.
Twenty-five of the European Union's 27 member states have signed up to the fiscal pact.
Merkel added that she wanted to see "certain parameters" within the eurozone harmonised.
"For example, when one country spends nothing on research and other spends three percent of its gross domestic product; that cannot work in the long term," the chancellor said.
"The responsibility of being in a common currency brings other duties with it. This is shown in the fiscal pact but it does not call into question the togetherness of the whole EU 27," she insisted.
Speaking at a meeting of students earlier in the day, Merkel had reiterated that there was no one magic solution that would cure the eurozone's ailments.
"Calling for this one big bold stroke and then the euro crisis will be gone. This won't work," she insisted.
"These problems have piled up over many years and now it will take some while to render this system fit for the future. It's obviously in human nature to wish for this bold stroke but I don't think it will work," she added.
AFP/hc
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Your comments about this article:
If the UK can keep their Pound and still call themselves European, then the Germans should bring back the DM and let the rest fend for themselves. There seems to be allot of anger towards Germany, another reason to bring back the DM. At least they would no longer have to carry Europe's burden while at the same time listen to all their anti German complaining.
Europe will never become a single country, and until that happens, a single currency will have it's problems. Europe is simply too diverse with languages and cultures.
There will always be the "slackers" and the "over achievers".
A lot of smart money has long departed Euro zone member countries including Germany. London can assist and compliment as a Union member by encouraging the bankers there to participate but don't hold your breath, the A league investors are no longer playing in the euro zone. European countries are geographic partners not just currency partners and all regional members have an obligation to assist .
Whether or not the knee jerk reactionaries and free lunch lobbies win the day , there will still remain a fundamental issue with keeping the zone solvent. Luckily Germany and Briton still have some say in it .
He knows better than anyone that GB's economy depends on the Eurozone's economy.
I would like to see what he would have said or say if UK was the one in the position of Greece is today?
Would he think that is inappropriate for Eurozone Taxpayers to help GB?
We should leave it to the future when it really happens.
The realty iz the EU, must deal the corruption in the Southern Area. They must figure out the yearly GDP out put. The problem isnt Cameron is Global financial crisis start the credit crunch. It all comes to corruption and EU dont like to talk about that.
"Seeking to set the example ahead of the parliamentary vote, Hollande and his ministers agreed in May to cut their salaries by 30 percent." today on Reuters.com