On the eve of the European summit, Angela Merkel speaks in front of the parliamentarians of the Bundestag. The topic is the economic crisis in the euro area, and the way in which the German chancellor intends to deal with it. “There is no quick, easy fix. There is no magic formula,” Merkel warned, later affirming that lasting interventions on the roots of the problems are needed, going to touch the architecture of the single currency and above all reducing public debts.
The salvation of the Eurozone passes through sustained, according to Merkel, structural reforms that strengthen the economy and competitiveness, "and not flashes in the pan", also because “Germany's economic power is not infinite” and putting it to the test could be risky.
The German chancellor then addressed the issue of Eurobonds again, defined, according to reports by Dow Jones, “Counterproductive and economically wrong”. Once again, therefore, his clear rejection for European government bonds has been reiterated.
The German budget commission has also already approved the treaty on the ESM, the permanent European state bailout fund, and on the fiscal compact, which should, in all likelihood, be ratified by the assembly by the end of the week,
