Friday, 2 December 2011

Angela Merkel Vows to Create a 'Fiscal Union'

THE DAILY TELEGRAPH: Angela Merkel has vowed to create a "fiscal union" and signalled an uncompromising push for treaty changes at the crucial European Union summit next week.

The German Chancellor made it clear that eurozone states would be called upon to relinquish economic sovereignty and be subjected to close central supervision – a pre-requisite for the eurozone to secure vital extra financial help.

"We are going to Brussels with the goal of achieving treaty change," she said. European leaders have promised four "comprehensive" but unsuccessful rescue packages in 19 months, but traders ignored continued signs of stress in bond markets and banks and bet Mrs Merkel would finally deliver. » | Louise Armitstead, Chief business correspondent | Friday, December 02, 2011