“Fiscal union is on the agenda”. In other words, according to the words of German Chancellor Angela Merkel in her speech to the Bundestag, Europe is on the verge of realizing it.
“Eurobonds are not a contribution to solving the crisis,” Merkel said, reiterating one substantial opposition of the German government to common debt securities, until there are stronger control mechanisms on EU state budgets.
The chancellor also expressed special consideration for Italy which “is facing major changes on which the future of the Eurozone depends. Italy is the third largest economy in the EU and its future is that of the Eurozone".
On the future of the euro and the role of the ECB, Angela Merkel then supported her point of view: "The future of the euro is inseparable from the future of the European Union: the road is far from easy – he continued – but I believe that what we are following is the right path. Our goal is a stronger Germany in a stronger European Union”.
"The ECB is completely different from the American Fed and the Bank of England – explained the chancellor again, still speaking at the Bundestag -. In the treaties it is established that it is an independent institution and I am convinced of that”.
