- Crisis can’t be resolved over night, no fast solution
- Crisis is worst since euro was introduced
- European citizens’ sacrifices major contribution to euro stability
- Development toward fiscal union is on agenda
- We have govt debt and confidence crisis
- Task of ECB is different from Fed or BoE
- Need to preserve independence of courts and ECB
- European politicians have lost credibility in the euro debt crisis
- Lost credibility by failing to implement stability pact rules
- Need EU treaty changes to reach fiscal union
- Need strong intervention rights
- Need to put into practice decisions from Oct summit
- Demands automatic sanctions on EMU violations
- Hopes European bank authority acts quickly on bank recapitalisation
- Europe must do what is possible with the EFSF and not talk it down
- European Commission and courts must have bigger role without German parliament losing budget control
- German constitution does not permit devolving budget control to a European institution
- Discussion about euro bonds is therefore pointless
- We have to avoid driving a wedge between euro countries and non-euro countries in EU
- Absurd to say Germany wants to dominate Europe
- Future of euro is inseperable from European unity
Merkel ends speech in German parliament. Yipeeeeeeeeeeeeeeeee!!!
