Merkel has Rejected any Possible Financial Support for the Italian bank

by Ben Pena June 4, 2018, 20:14
Merkel has Rejected any Possible Financial Support for the Italian bank

"Solidarity between partners in Europe must never lead to a debt union", she said, pouring cold water on hopes for any debt relief for Italy.

An Italian governing coalition of two parties generally seen as hostile to the euro took power on Friday, calming markets that had been spooked by the possibility of a new election that might have effectively become a referendum on whether to leave the single currency. Macron wants a future EMF to act as a buffer in any future financial crises in the bloc, which was almost torn apart in a debt crisis in 2009.

The conservative chancellor was also asked how far she was willing to go in helping French President Emmanuel Macron realise his vision of more solidarity in the euro zone.

Merkel said the initiative "needs to fit into the structure of defense cooperation", which she said should bring down the number of different European Union weapon systems from 180 to "about 30".

Merkel told the Frankfurter Allgemeine Sonntagszeitung ahead of a crunch European Union summit this month that Germany as the eurozone's top economy would support an investment budget whose total would be "at the lower end of the double-digit billions of euros range". "Those are totally new notes from Mrs. Merkel".

Merkel's spokesman, Steffen Seibert, declined to say whether Merkel and Draghi, an Italian, discussed the political situation in Italy or euro zone reform proposals during their meeting in Berlin.

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"We need quicker economic convergence between the member states", she said.

The chancellor also said she backed an investment budget for the euro zone, which would possibly be in the "low two-digit billions of euros" and gradually introduced to address structural weaknesses of member states.

In the interview, Merkel also threw her weight behind a proposal by Macron to create a European military intervention force outside North Atlantic Treaty Organisation.

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For example, he is calling for the creation a eurozone budget and a eurozone finance minister.

Merkel was characteristically diplomatic when asked how she felt about the incoming populist government in Italy and the comments its euroskeptic leaders had made about Italy not being "slaves to Germany and France".

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