Thursday, June 07, 2012

Eurozone: German Chancellor Angela Merkel Lowers Expectations for Quick Fix ahead of European Union Summit

The Spiegel Online has the story at Merkel Lowers Expectations ahead of European Union Summit, writing inter alia about Merkel's Thursday morning interview on German TV:
"Ahead of a crucial European Union summit at the end of the month, Merkel once again emphasized the need for "more Europe," saying "we don't just need a currency union, but we also need a so-called fiscal union -- meaning more joint budgetary policies."

Most of all, though, she said that a political union was necessary. "That means that we must, step by step through the process, give up more powers to Europe as well and allow Europe oversight possibilities," she said."
Obviously, that is quite correct, and for that, there is no quick fix, so it still remains undecided what the short-term solutions will be for the current problems with Eurozone countries badly in debt, such as Spain and Greece.

Crossposted at LawPundit.


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