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November 26, 2022
BUSINESS

Merkel: Pay attention to Romania’s and Bulgaria’s contribution to euro stability!

German Chancellor Angela Merkel has recognized Romania’s and Bulgaria’s role in helping the stability of the euro as a common European currency, Novinite.com informs. In her speech before the German Bundestag, in which she proposed a new euro fiscal union, Merkel did not omit to mention certain EU countries outside the euro zone which “don’t get so much attention.” “It is important to keep in mind the problems being faced by people in Spain, Portugal and especially in Greece. We must also realize what sacrifices people are making in countries not in the euro zone, and who don’t get so much attention, like the Baltic states, Bulgaria and Romania,” declared the German chancellor, adding an explicit recognition to the fiscal stability of the non-euro zone countries in question: “We often fail to realise the contribution that people in the countries I have mentioned make towards the euro being a solid, stable currency.” “Poland has always made it clear that even if it doesn’t yet have the euro, it is still ready to make a great commitment,” Merkel added.

Germany and France, which are the key players of the eurozone, are pushing forward the idea of creating a Fiscal Union which would include all 17 eurozone states or even all members of the EU. It would bring more centralization of power, more control over state budgets, and more importantly over their debts. “The European crisis will not be solved in one fell swoop,’’ said Merkel. “There are no quick and easy solutions.” French President Nicolas Sarkozy says in Toulon he and the German chancellor will meet in Paris on Monday to unveil proposals that he said will “guarantee the future of Europe.”  French President and Angela Merkel may not reach an agreement on proposals to overhaul European institutions today, Le Journal du Dimanche reported, without saying where it got the information. Sarkozy and Merkel have different opinions on several matters including the role of the European Central Bank and the closer monitoring of euro countries’ budgets with potential sanctions against persistent offenders. Also, Italy’s prime minister Mario Monti is scheduled to announce today austerity measures aimed at saving up to USD 25 billion to balance the budget by 2013, as New York Times informed. Meanwhile, during a two-day visit to China, International Monetary Fund managing director Christine Lagarde said the world could be headed for a “lost decade” of little or no growth unless countries work together to deal with the global economic crisis.

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