‘Self Deception and Sham Solutions’: Merkel Blasts Euro Partners on Eve of Summit
German Chancellor Angela Merkel has signalled she is ready for a fight at Thursday’s summit, criticizing the euro reform blueprint presented by top EU officials and again ruling out jointly issued debt in the strongest of terms. She warned that Germany can’t save the euro on its own.
Chancellor Angela Merkel reinforced her Nein to euro bonds on Wednesday and sharply criticized euro zone reform proposals presented by top EU officials this week. Her remarks set the stage for what promises to be a difficult, fractious EU summit on Thursday.
In a statement to Germany’s lower house of parliament, the Bundestag, Merkel made clear that she will not bow to intense international pressure on Germany to agree to joint bond issues that would calm the euro crisis by stabilizing ailing euro-zone member states like Italy and Spain.
She said the blueprint for closer financial integration drafted by European Council President Herman Van Rompuy, European Commission President Jose Manuel Barroso, Euro Group President Jean-Claude Juncker and European Central Bank President Mario Draghi contained major shortcomings, and that she would seek support for her own ideas in Brussels.
“I profoundly disagree with the stance taken in the report that precedence is given to mutualization, and that more control and enforcable commitments take second place and are phrased in very imprecise terms,” said Merkel, to applause from conservative parliamentarians.