Tags: Merkel | Euro | Zone | Security

Merkel: Euro Zone Needs More Economic Security

Monday, 03 May 2010 08:04 AM

Chancellor Angela Merkel says Germany is pushing for changes to the rules governing the euro zone, including the possibility of suspending voting rights for nations that do not uphold their commitments.

Merkel told the Bild am Sonntag weekly in comments released Saturday that European Union finance ministers would meet in May to discuss implementing changes to the bylaws for membership in the 16-nation euro zone.

The chancellor said the common currency had been one of the greatest European success stories, but that changes were needed to ensure its stability.

The debt crisis of euro-member Greece has rattled the currency and irked Germans who have been forced to help bail out Athens in order to prevent further damage to the euro.

Germany has been reluctant to move ahead with legislation needed to free up the 8.4 billion euros ($11.1 billion) that it would pitch in to help out Greece.

Opposition parties have called for the nation's industry to contribute to the aid package for Greece and media have carried unsourced reports that a consortium has already pledged 1 billion euros to 2 billion euros toward the effort.

"I would very much welcome the voluntary participation from banks," Merkel told Bild am Sonntag.

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Chancellor Angela Merkel says Germany is pushing for changes to the rules governing the euro zone, including the possibility of suspending voting rights for nations that do not uphold their commitments. Merkel told the Bild am Sonntag weekly in comments released Saturday...
Merkel,Euro,Zone,Security
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2010-04-03
Monday, 03 May 2010 08:04 AM
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