German Chancellor, Angela Merkel, called for an overhaul of the European Union, advocating closer political ties and tighter budget rules in her most explicit prescription for ending the debt crisis.
Merkel said leaders must create a “new Europe” by deepening ties in the 27-nation EU. At the same time, she repeated Germany’s rejection of jointly sold eurobonds.
“The task of our generation now is to complete the economic and currency union in Europe and, step by step, create a political union”, Merkel said. “It’s time for a breakthrough to a new Europe.”
Merkel’s address marks an escalation in her rhetoric as the debt crisis that began in Greece in October 2009 sent Italian and Spanish borrowing costs to euro-era records last week and roiled French markets. After leadership changes in Italy and Greece, the chancellor is turning her attention to shaping the euro and the EU’s future.
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