Reuters: Merkel backs ECB, warns on Greek aid tranche

23 November 2011

German Chancellor Angela Merkel rejected criticism of the ECB for not taking bolder steps to stem the eurozone debt crisis and made clear the next tranche of aid for Greece could not be paid out unless big parties in the country committed in writing to back austerity.

"The European currency union is based - and this was a precondition for the creation of the union - on a central bank that has sole responsibility for monetary policy. This is its mandate. It is pursuing this. And we all need to be very careful about criticising the European Central Bank", Merkel said in a speech to parliament.

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