Merkel presses for greater political and economic cooperation

German Chancellor Angela Merkel has called for an ambitious, concrete plan for closer fiscal and economic integration in the EU. In a speech at the European Parliament in Brussels, she expressed hope that her plan could be agreed on at a summit later in December. Angela Merkel, German chancellor: “Closer economic and monetary integration needs a common economic policy. There was and still is a lack of politico-economic coordination. For instance, it’s not possible to ask for more competitive ability on a national level in the monetary union as a basis for growth and jobs and – if there is a need – to enforce it.” Merkel pressed for the harmonisation of financial market regulation, closer fiscal and economic policy integration, and steps to ensure greater democratic legitimacy for European level decisions. Rebecca Harms European Parliament Greens’ group co-leader: “Merkel’s plans take too long. The divergent European policies are becoming an ever bigger problem.” Yet more food for thought then, for the Chancellor tasked with steering the eurozone out of it’s economic crisis.