In a staunch defence of the results of last week's European Union summit, Ms Merkel declared that: "We are not just talking about a fiscal and stability union. We have begun to create one."
Member States of the eurozone have set themselves on an “irreversible course towards a fiscal union” to underpin their common currency, even if it may take years to reach that goal, Angela Merkel, the German chancellor, told Bundestag. While she expressed her “great regret” at the British veto of full-scale treaty changes, she insisted that the alternative of a new treaty for “at least” the 17 eurozone members would amount to a big step forward towards a comprehensive solution to the crisis.
She was speaking as doubts about the Franco-German plan for such an intergovernmental treaty emerged in several eurozone and non-eurozone Member States.
Ms Merkel’s positive interpretation of the summit was sharply questioned by the opposition Social Democrats and Green party in the Bundestag as a second best solution that still failed to stabilise the euro and restore the trust of the financial markets. “This is no breakthrough to more Europe”, said Frank-Walter Steinmeier, parliamentary leader of the SPD. The isolation of Britain was “no cause for joy”, he said.
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