Brussels, 05/10/2011 (Agence Europe) - During a visit to the European Commission on Wednesday 5 October, German Chancellor Angela Merkel said she would be willing to one day change the Treaty of the European Union, if necessary to improve the way the eurozone operates.
There should be no taboo surrounding revision of the European treaties, Merkel said, adding that, if revision of the treaties one day proves necessary, then they must adjust to the situation. She justified a possible change to the treaties to ensure that the euro is a success and to ensure there is market confidence in the single currency. Merkel, however, underlined that it would first of all be necessary to see how the new mechanisms set in place for strengthening budgetary discipline work. The German chancellor takes the view that a further change of the treaty could toughen budgetary discipline to ensure that all states implement austerity measures, to prevent public deficit from sliding further. Germany's Finance Minister Wolfgang Schäuble was prepared to amend the treaties for greater centralisation of eurozone economic steering.
The European Commission, for its part, is sceptical about any treaty change. European Commission President José Manuel Barroso felt that a change in the treaties should be for gaining greater economic integration - not for putting off decisions that are today necessary to address the debt crisis. It must not be used as an “excuse” for doing nothing, he warned.
Bank recapitalisation. “If it is commonly recognised that the banks do not have enough capital, then recapitalisation of the banks is justified, given the current situation of the financial markets”, Merkel said (see related article in general information section). She called on her partners to set common criteria in place. This question may be brought up during the next European Council in Brussels, on 17 and 18 October.
Angela Merkel said after her meeting with EP President Jerzy Buzek: “We want to overcome this crisis. Europe will be stronger after the crisis than before. We shall need more Europe, and this crisis allows us to reflect on what works less well”. “You are a rock of European integration, you and Germany. You have not only saved the Lisbon Treaty but you are also a very strong element of stabilisation in the financial crisis turmoil”, Buzek said. A note of caution was necessary, however, he said, asserting that EU economic governance must follow the Community method. (LC/CG/transl.jl)