BERLIN (MNI) – Germany’s Chancellor Angela Merkel said Monday her
government cabinet will approve on Tuesday the measures to defend the
euro jointly agreed Sunday night among EU finance ministers.
This afternoon she will inform the heads of the German parties and
parliamentary groups about the program, Merkel said. Yet, there will be
no fast-track legal process needed because the E60 billion the European
Union will put up doesn’t require approval by the parliaments of member
states, she explained.
In addition to the E60 billion fund provided by the EU, the member
states will issue guarantees for loans worth E440 billion, and the IMF
will add another E220 billion, the Chancellor reminded.
EU governments have shown that they “have the joint political will
to do everything for our common currency”, Merkel stressed, adding that
this was a firm message “to those who believe they can weaken the euro.”
Vice Chancellor Guido Westerwelle, speaking at the same press
conference, said the EU “is willing and able to fend off the attacks.”
He stressed that there was a need for more financial market regulation
“also on supervision of speculation.”
Both Merkel and Westerwelle underlined the need for more budget
consolidation efforts in the EU.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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