German Chancellor Sees European 'Fiscal Union'

时间：2011-12-03 06:06:42

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　　Stock markets rallied after German Chancellor¹ Angela Merkel called Friday for stricter fiscal² rules for the 17-nation eurozone. In a speech before the German parliament, Merkel warned it will take years before the struggling currency union gets back on its feet -- echoing similar remarks aired the day before by her French counterpart, Nicolas Sarkozy.

　　Speaking before the German parliament, Merkel said there are no simple or fast solutions for Europe's spreading sovereign debt and banking³ woes⁴. But she also dismissed suggestions that Europe's leaders only have one last shot to fix the problems when they meet at a summit next week.

　　Merkel said the eurozone crisis was not just a state crisis but a crisis of trust, as investors⁵ shun⁶ the eurozone bond market, banks dump government debt, and doubts grow about the survival of the euro union.

　　Germany is the eurozone's most powerful member, and Merkel's speech was closely followed at home and abroad. The German chancellor holds talks Monday in Paris with President Nicolas Sarkozy of France - Europe's second-largest economy. The two leaders hope to cobble a joint⁷ rescue plan before next Thursday's European Union summit.

　　In a speech Thursday evening, Sarkozy also warned of a long, tough road ahead for the eurozone.

　　Sarkozy said France and Germany want a new eurozone pact⁸ and treaty reforms that demand more discipline, more solidarity⁹ and more responsibility toward Europe's citizens.

　　But analysts¹⁰ say shorter-term solutions are also critical to restore confidence and help ailing¹¹ eurozone members, along with the longer-term ones the two leaders are proposing.

　　Sarkozy's speech also comes just months before French presidential elections. The main opposition¹² Socialist¹³ Party swiftly criticized the president for abandoning French sovereignty on fiscal matters and taking his marching orders from Germany.

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German Chancellor Sees European 'Fiscal Union'

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