LEIPZIG, Germany Nov 14 Chancellor Angela
Merkel said on Monday that the euro zone sovereign debt crisis
has plunged Europe into what is perhaps its most difficult
crisis since the end of World War Two.
Merkel said in a speech to her conservative party that she
feared Europe would fail if the euro fails and vowed that she
would do everything she could to prevent that from happening.
Merkel said that it is time for a breakthrough to a new
Europe. She said that rescue measures were needed to keep the
euro intact. She said the European Union needs to develop new
structures -- and that would mean more Europe, not less.
She also said automatic sanctions were needed to punish
countries that violate Stability Pact rules. She also renewed
her calls for taxes on financial market transactions, bank
levies and bans on short selling, at least in the euro zone if
not on a wider basis.