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Merkel says stick to painful reform
Source: Agencies |
September 26, 2012, Wednesday
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Print Edition
Print Edition
CHANCELLOR Angela Merkel said yesterday that Europe could only hope to come out of its crisis stronger and compete in a globalized world if its members pressed ahead with painful reforms and moved to more responsible budget policies.
Speaking at a meeting of the Federation of German Industries, Merkel said Germany was "not an island" that could disconnect from economic developments in Europe and the world economy.
But she placed the onus on Berlin's struggling eurozone partners to fix their own economies, rejecting the idea that Germany should relax its own productivity drive in order to help its partners.
"We need to take a deep breath to overcome this crisis," Merkel said. "We must make the efforts that will allow Europe to come out of this crisis stronger than it went in."
Merkel said tough reforms in southern Europe had led to some convergence of unit labor costs across the eurozone, but that there was still work to do.
She also expressed regret that the European Court of Justice had not been given stronger powers to intervene in national budget policies in the eurozone.
"We can't have support without controls. The two go hand in hand," Merkel said.
The German economy has held up well during the crisis, with unemployment holding near post-reunification lows. But there are signs that economic weakness in Europe and a slowdown in Chinese growth are starting to bite.
Speaking at a meeting of the Federation of German Industries, Merkel said Germany was "not an island" that could disconnect from economic developments in Europe and the world economy.
But she placed the onus on Berlin's struggling eurozone partners to fix their own economies, rejecting the idea that Germany should relax its own productivity drive in order to help its partners.
"We need to take a deep breath to overcome this crisis," Merkel said. "We must make the efforts that will allow Europe to come out of this crisis stronger than it went in."
Merkel said tough reforms in southern Europe had led to some convergence of unit labor costs across the eurozone, but that there was still work to do.
She also expressed regret that the European Court of Justice had not been given stronger powers to intervene in national budget policies in the eurozone.
"We can't have support without controls. The two go hand in hand," Merkel said.
The German economy has held up well during the crisis, with unemployment holding near post-reunification lows. But there are signs that economic weakness in Europe and a slowdown in Chinese growth are starting to bite.
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