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"In addition to better financial market regulation, improved banking supervision and fiscal cooperation, there is one key issue given the global competition we face, and that is competitiveness", declared Angela Merkel. "We can only restore growth and employment in the long term if we are competitive."
The Chancellor signalled Germany’s willingness to put in place limited-term financial incentives to restore the competitiveness of European partners.
But, she added, "Germany rejects long-term joint liability for debt in any form. Yesterday’s ideas cannot help us resolve the crises of today or help us master the challenges of tomorrow".