BERLIN (AP) — German Chancellor Angela Merkel says she still rejects eurobonds, telling Parliament that jointly backed government debt across the eurozone is no solution to the financial crisis.
The chancellor said in a speech Friday that the discussion about eurobonds “does not contribute to the resolution of the crisis.”
She says the eurozone instead needs a new “stability union” with stronger fiscal controls and debt regulations.
The German leader’s address comes ahead of a Dec. 9 EU summit in Brussels where she and French President Nicolas Sarkozy plan to propose joint action.
She says their goal at the summit is to change European treaties “to avoid a splitting of the eurozone and non-eurozone members.”
