Arab Today, arab today merkel seeking longterm answer as europe burns
Last Updated : GMT 12:32:41
Arab Today, arab today
Arab Today, arab today

Merkel seeking long-term answer as Europe burns

Arab Today, arab today

Arab Today, arab today Merkel seeking long-term answer as Europe burns

Berlin - AFP

As the eurozone turmoil mounts, German Chancellor Angela Merkel is trying to regain the upper hand with calls for long-term political integration but she continues to resist emergency action. \"We need more Europe ... a budget union ... and we need a political union first and foremost,\" Merkel told German public television Thursday. \"We must, step by step, cede responsibilities to Europe.\" However her proposals fall far short of the kind of bold measures to douse the raging fires that were demanded this week by US President Barack Obama and British Prime Minister David Cameron. Speaking later Thursday with students in Berlin, alongside Cameron and Norway\'s Prime Minister Jens Stoltenberg, Merkel reiterated that there was no such thing as a magic solution to the euro crisis. \"Calling for this one big bold stroke and then the euro crisis will be gone. This won\'t work,\" she insisted. \"These problems have piled up over many years and now it will take some while to render this system fit for the future. It\'s obviously in human nature to wish for this bold stroke but I don\'t think it will work.\" A European diplomat in Berlin said that Merkel\'s latest comments on a political union were aimed at hitting back at the impression she had been sitting on her hands as the debt crisis has deepened, threatening to snag Spain after Greece, Ireland and Portugal all needed to be bailed out. \"She has her sights set as far away as possible because a political union would be for 10 years from now,\" the diplomat, who spoke on condition of anonymity, said. \"At the same time, she avoids looking like \'Madame Non\',\" as she was branded by European critics early on in the crisis. The issue is likely to come to a head at the next EU summit at the end of June, when leaders will be under pressure to come up with an answer to the latest turbulence threatening to engulf stricken member states. The diplomat also criticised a new economic growth initiative unveiled by Merkel\'s government this week, which blends the German recipe of fiscal discipline with structural reforms to the labour market to buck the crisis. He noted the eight pages of proposals ruled out eurobonds, or the pooling of debt among euro countries to drive down borrowing rates for the most vulnerable, for years to come. France, Spain, Italy and the European Commission have notably called for such a crisis-fighting mechanism. Merkel has also set up daunting preconditions for the creation of a banking union, a Commission-backed plan that would create cross-border oversight, as well as a common deposit guarantee, and bank bailout and resolution schemes. The leader of the eurozone\'s top economy also draws the line at a more active fire-fighting role for the European Central Bank, for example to boost growth, and the use of European bailout funds for direct aid to ailing banks. \"The chancellor\'s idea is that you shouldn\'t cede any ground before the Greek parliamentary elections\" on June 17, Financial Times Deutschland columnist Thomas Fricke said. \"She does not want to send a message that the extremists in the country are right to pressure Berlin\" to win concessions on the austerity plan imposed on Greece in exchange for bailout funds. But Fricke said he was confident that Merkel would eventually swing into action. \"We do not know what she is willing to do but when catastrophe approaches, she will change her position at the last minute like she did in May 2010, when, seeing the impending implosion of the system, she backed the idea of aiding Greece,\" he said. Berlin\'s centre-left daily Tagesspiegel noted that the domestic pressures Merkel faces shape her strategy to an extent often not recognised abroad, where exasperated critics say she is simply dragging her feet. \"The perpetuation of the European drama -- and the radical reactions to it -- are an integral part of her rescue policy,\" it wrote Thursday. \"She knows that Germans want to save the euro but not at any price. The longer the crisis lasts, the more they will be ready.\" Thus far, Germany, with its low employment rates, has escaped the effects of the crisis thanks to robust exports to emerging markets. But analysts say that neighbours on the brink and a crippling US slowdown may soon focus minds in Berlin -- above all, the chancellor\'s.

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*

Arab Today, arab today merkel seeking longterm answer as europe burns Arab Today, arab today merkel seeking longterm answer as europe burns

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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