Merkel says euro bonds are "absolutely wrong"
FRANKFURT (Reuters) - German Chancellor Angela Merkel rejected joint euro zone bonds on Thursday as "absolutely wrong" and said restoring stability to the single currency bloc required a longer-term step-by-step approach.
"We must, and this is the lesson, move away from a debt union and toward a sustainable stability union. This won't be easy but it is right," Merkel said in a speech at the Frankfurt auto show.
"This can't happen overnight, with some sort of one-off big-bang solutions. It can only happen in a controlled, step by step process," she said. "Eurobonds are absolutely wrong. In order to bring about common interest rates, you need similar competitiveness levels, similar budget situations. You don't get them by collectivizing debts."
- U.S. diplomat travels to West Africa as Ebola quarantine moves take hold |
- U.S. nurse quarantined over Ebola criticizes her treatment |
- Iraqi security forces and Kurds gain ground against Islamic State
- Washington state teen shooter's family living in 'nightmare'
- Suspect in two California deputy deaths charged with murder, carjacking