Chancellor Merkel on the EU Summit on 28 and 29 June
On Wednesday, 27 June, Chancellor Angela Merkel made a policy statement before the German Bundestag regarding the upcoming European Council meeting. The Chancellor affirmed that she will strive at the meeting for the adoption of an ambitious and credible timetable and working method to address the questions that have been raised by the sovereign debt crisis.
“There is no incantation or magic bullet by which the sovereign debt crisis can once and for all be overcome. No, if we want to succeed in permanently overcoming this crisis, then the only option we have is to approach this challenge as a process of successive steps and action that attack the root of the problem.”
The root of the problem lies with the introduction of the euro. The Economic and Monetary Union was not, as originally planned, combined with a political union, Merkel said. That past shortfall must now be overcome. The Economic and Monetary Union must become a union of stability," she said.
The Chancellor again spoke out decisively against the idea of shared liability, in the form of eurobonds, for example. “Control and liability must go hand in hand, and shared liability cannot occur until sufficient control has been assured. Let me recall that neither the Federal Government and the Länder in Germany, nor states like America or Canada assume joint and several liability for the bonds they issue.”
She reminded listeners that the stakes are high for future decisions at the European level. “These are highly significant months for Europe’s future, this crisis is about nothing more and nothing less than the question of whether we in the future can also continue to live in a prosperous Europe [… .] How we answer this question, and how we resolve the sovereign debt crisis at the same time, will decisively determine the life of future generations.”