Arab Today, arab today merkel warns against overreliance on germany
Last Updated : GMT 12:12:15
Arab Today, arab today
Arab Today, arab today

Merkel warns against over-reliance on Germany

Arab Today, arab today

Arab Today, arab today Merkel warns against over-reliance on Germany

Berlin - AFP

German Chancellor Angela Merkel said Thursday that the eurozone crisis would dominate next week\'s G20 summit but warned leaders clamouring for her to take charge that she needed their help. In a speech to German lawmakers ahead of the meeting of world leaders in Los Cabos, Mexico on June 18-19, Merkel said Europe could not take the easy way out with quick fixes smacking of \"mediocrity\" that failed to address core problems. \"All those looking to Germany again in these days in Los Cabos, who are expecting a drum roll and the answer... I say to them Germany is strong, Germany is an engine of economic growth and a stability anchor in Europe,\" Merkel said. \"But Germany\'s powers are not unlimited,\" she added, cautioning against counting too much on Germany as the sole crisis fighter in Europe. \"All the (aid) packages will ring hollow if you overestimate Germany\'s strength,\" she said, describing the tasks ahead for Europe as \"Herculean\". Merkel acknowledged that Germany found itself centre stage as leaders grapple with the incalculable impact of the raging eurozone turmoil on the global economy. \"Our country will be the centre of attention -- it\'s a fact, all eyes are on Germany because we are the biggest European economy and a major exporter,\" Merkel said. But Europe would only find a way out of the crisis with a strong \"political union\" that mandated greater fiscal coordination and oversight to put member countries on a \"solid and honest foundation\", she said. \"Germany is investing its strength and its power, not only for the benefit of the people in Germany but also in the interest of European integration and in the interest of the global economy,\" she said to applause. But she said all those calling for Germany to \"pour billions into eurobonds, stability funds, European bank deposit guarantee funds\" in a bid to calm the markets must focus first on fiscal discipline. She lent her backing to \"a bigger role\" for the European Central Bank in overseeing banks to avert further storms in the sector that have posed one of the biggest recent threats to the eurozone. Spain, the eurozone\'s fourth largest economy, was forced last week to accept a 100 billion euro bailout ($126 billion) but even that failed to impress the bond markets and the country\'s borrowing costs have continued to mount. Meanwhile Greeks return to the polls Sunday and may elect a government that rejects the terms of Athens\' bailout package, destroying the EU rescue plan. Merkel said many of the countries crying out for German action, notably the United States, needed to turn their backs on deficit-spending and start implementing the kind of structural reforms Berlin has put in place. \"Financing growth with new borrowing must stop,\" she said, calling for joint G20 action on budget consolidation. Merkel added that China needed to take action on the flexibility of its currency, amid widespread accusations the yuan is undervalued and contributing to major trade imbalances, primarily with the United States. Germany has come under intense pressure, notably from US President Barack Obama, to do more to put an end to the eurozone crisis as it is seen as a threat to the fragile US recovery and the global economy as a whole. However, Berlin has resisted calls for new European stimulus programmes to promote economic growth, saying that fiscal discipline is the only way to restore market confidence in the eurozone. Merkel drew unexpected support from US Treasury Secretary Timothy Geithner, who Wednesday endorsed Germany\'s call for structural reforms to save the eurozone. \"What Germany is saying is (that) to make monetary union work, (they\'re) prepared to put a substantial commitment of resources behind this broader endeavour,\" Geithner said. \"But for that to work, (it) needs to be in support of reforms and changes in the institution ... and that is a very reasonable position.\" Merkel received more good news closer to home when her coalition struck a deal with the opposition on the date of June 29 for parliament to vote on ratifying the new EU fiscal treaty that she has championed. Although they have not agreed on all the fine print, the accord was seen as an auspicious sign it would pass with the necessary two-thirds majority.

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 warns against overreliance on germany Arab Today, arab today merkel warns against overreliance on germany

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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