December 2, 2011
German Chancellor Angela Merkel kicked off a crunch week of talks on saving the euro by laying out a vision Friday for a “fiscal union” in Europe, ahead of a pivotal summit of EU leaders.
A day after French President Nicolas Sarkozy said that Europe needed to be “refounded” in response to a crisis that has threatened the very existence of the EU, Merkel insisted that progress had been made.
Speaking in a hotly awaited speech in the German parliament, Merkel said Europe was “on the verge” of creating what she called a “stability union” for the 17-nation eurozone, with greater budgetary discipline and control.
“Anyone who had said a few months ago that we, at the end of 2011, would be taking very serious and concrete steps toward a European stability union, a European fiscal union, toward introducing (budgetary) intervention in Europe would have been considered crazy,” she said.