"We will have to use the next three years to make reforms“. These are the good intentions of the German chancellor, Angela Merkel. Today the leaders of the European Union approved the "fiscal compact", but immediately afterwards the number one of the government in Berlin issued a precise warning to the other countries of the single currency: according to Frau Merkel, in the Eurozone the overall economic situation "remains fragile, the crisis is not over".
Meanwhile, it will be necessary to prevent the large additional liquidity introduced into the banking system by the ECB from leading to the emergence of bubbles, the chancellor said. As for the funds to be introduced into the new European anti-crisis fund (500 billion euros have been foreseen so far), Merkel suggested paying two out of five tranches by the end of 2012.
