Merkel says Eurogroup not yet found way to cooperate as needed

BERLIN Mon Dec 10, 2012 1:04pm EST

BERLIN Dec 10 (Reuters) - German Chancellor Angela Merkel said on Monday the Eurogroup of euro zone finance ministers still needed to improve its internal cooperation but was on the right path.

Speaking on the sidelines of Monday's Nobel ceremony in Oslo at which the European Union received this year's peace prize, Merkel told German television channel n-tv: "I still do not believe that we have found in the Eurogroup the kind of cooperation that we need, but we are on the right path..."

"We are still in the middle of the process (of reforming the euro zone). I cannot yet entirely give the all-clear but I am cautiously optimistic," she added.

The Eurogroup is trying to overcome divisions on banking reform ahead of a summit of European Union leaders later this week.

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