Brussels, 25/10/2013 (Agence Europe) - Germany wants the eurozone to make key progress in December to coordinate economic policy.
Speaking on Thursday evening after the first day of the European summit, Angela Merkel, the German chancellor, said that the current governance system was unsatisfactory and countries that share a currency have to boost their economic coordination. What is important now is not to have to use it again, but the options and means are lacking at EU level to effectively and bindingly carry out the crucial reforms. She said that countries only respected 10% of the social and economic policy recommendations made to them and eurozone nations should pledge to competitiveness contracts with Europe, in which they commit to reform their economies in return for special financial aid that is not part of the EU budget. (MB/AN/transl.fl)