Arab Today, arab today merkel urges crisis contagion firewall stricter eu rules
Last Updated : GMT 21:25:08
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Merkel urges crisis contagion \"firewall\", stricter EU rules

Arab Today, arab today

Arab Today, arab today Merkel urges crisis contagion \"firewall\", stricter EU rules

Berlin - Xinhua

German Chancellor Angela Merkel Wednesday said the eurozone debt crisis and fundamental weakness of European Union (EU) economic framework should be tackled at the roots. Speaking in the Bundestag, or the lower house of parliament, Merkel said that the ongoing eurozone crisis was attributed to two main causes, namely unbearable debts of some member states and a lack of economic competitiveness of these countries. \"We must tackle the cause of the crisis at the root,\" she said, adding that the eurozone need decisive measures to contain the crisis from further spreading. \"The next step is to exert influence on countries that permanently and repeatedly breach the Stability and Growth Pact,\" Merkel stressed, referring to a series of EU economic guidelines, including keeping a country\'s deficit no more than 3 percent of gross domestic product (GDP). Merkel told lawmakers that it is a now-or-never moment to solve the fundamental problems of eurozone. \"The fundamental weaknesses and holes in the construction of the economic and monetary union must either be addressed now or, I say, never,\" said Merkel. Merkel urged that the EU should be determined to change its treaties to avoid similar troubles in the future, even though it may take a long time and face some risks. The amendments should anchor \"a culture of stability in Europe\" and give EU organizations, such as the European Court of Justice, more power to maintain disciplines of finance and economy. Merkel insisted that any rescue fund for heavily indebted countries should be \"always be linked to strict conditions.\" As for the upcoming G20 summit in France, Merkel said her country would continue to campaign for an international financial transaction tax, a mechanism that can reserve resources for countries in case of another economic crisis, ensuring that taxpayers need not to foot the bill for bankers or investors. \"We cannot continue with the \'too big to fail\' thing,\" Merkel said, adding that all EU countries should install a debt brake. Although Germany is stable at the moment, but the country could not continue to go well alone if the whole Europe fail, she said. Hours after Merkel\'s speech, German lower house of parliament approved a resolution on boosting the firepower of the eurozone rescue fund, or the European Financial Stability Facility (EFSF) with an overwhelming majority, which gave Merkel a strong backing and mandate to negotiate ahead of a crucial EU summit in Brussels later Wednesday.  

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