merkel rallies lawmakers ahead of votes on crisis tools
Last Updated : GMT 10:30:02
Arab Today, arab today
Arab Today, arab today

Merkel rallies lawmakers ahead of votes on crisis tools

Arab Today, arab today

Arab Today, arab today Merkel rallies lawmakers ahead of votes on crisis tools

Berlin - AFP

Chancellor Angela Merkel rallied lawmakers to approve two euro-crisis fighting tools ahead of a vote later Friday, saying it would show the world Germany\'s commitment to the single currency. Hard on the heels of a \"breakthrough\" EU summit, Merkel dashed back from Brussels to address the German parliament before MPs vote on new rules for budgetary discipline and a permanent bailout fund. \"What we decide today is an important step to make clear to the world that we stand by the euro, we want it as our stable currency,\" Merkel said in her second speech to parliament on the euro crisis in three days. The ratification of the EU fiscal pact requires a two-thirds majority in both the lower house of parliament, the Bundestag, and the upper Bundesrat chamber, meaning Merkel needs opposition support. Weeks of horse-trading with the centre-left Social Democratic Party (SPD) and ecologist Greens mean she can be quietly confident of parliament\'s approval, but the EU deal struck earlier rattled some lawmakers. SPD budgetary affairs expert Carsten Schneider earlier accused the government of a \"U-turn\" by agreeing to go along with the bailout fund being used to recapitalise ailing banks directly and that it can buy countries\' bonds to drive down high borrowing costs. Facing pressure from Italy and Spain, EU leaders agreed the European Stability Mechanism (ESM) can be tapped to recapitalise banks without having to go through governments in moves that often just add to a country\'s mountain of debt. Merkel defended what had been decided in Brussels saying any use of the bailout funds would keep to agreed guidelines, calling it a \"good decision, a sensible decision.\" And she stressed that the outcome of the EU summit was \"in no way\" a part of the imminent decisions facing German MPs and said any changes or new competencies would have to come before the parliament first. Approval of the fiscal pact and ESM fund, Merkel said, would be a \"sign of unity and determination, domestically and abroad\". The 500-billion-euro ($623 billion) ESM cannot be established without Germany\'s backing as it needs to have been ratified by countries making up 90 percent of its capital to take effect. The fund was originally to begin operations on July 1 but is now widely expected to be pushed back by at least a week. However Germany is likely to face a further delay after President Joachim Gauck agreed to a request by the constitutional court to refrain from signing off on the two laws immediately after their parliamentary approval. The court said last week that it needed up to three weeks to examine a likely legal challenge to the fiscal pact and bailout mechanism threatened by the far-left Linke party. Germany\'s top court has a history of strengthening the role of the parliament on European issues. Later on Friday, members of the Bundesrat representing Germany\'s 16 regional states are to decide on the two key texts, squeezing in their votes before the summer break. To obtain backing in Germany, Merkel accepted SPD and Green party demands for growth measures, and secured the support of regional leaders by agreeing measures to offset the impact on regional finances of new demands for budgetary rigour, among other things. Merkel also wants to win two-thirds majority backing for the ESM rescue fund, to which Germany will contribute 22 billion euros as well as provide guarantees, to ward off possible future constitutional challenges.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

merkel rallies lawmakers ahead of votes on crisis tools merkel rallies lawmakers ahead of votes on crisis tools

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

merkel rallies lawmakers ahead of votes on crisis tools merkel rallies lawmakers ahead of votes on crisis tools

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday