FRANKFURT (MNI) – The Eurozone summit later this week will not
solve the crisis but will be a key step in restoring confidence, German
chancellor Angela Merkel said Wednesday at an event to honour outgoing
European Central Bank President Jean-Claude Trichet.
The October 23 summit will not fully restore confidence, but “it
will be stepping stone on the road,” Merkel said. “I am confident that
we will achieve this.”
Similar comments earlier this week had unnerved markets as they had
been seen as an attempt to dampen expectations for a previously promised
“comprehensive package.”
At the same time, Merkel affirmed Germany’s absolute commitment to
the Eurozone. “If the euro fails, Europe fails. We shall not allow this
to happen.”
As the world continues to develop, Europe also “needs to develop
our legal basis,” Merkel said. The German government has previously
called for a treaty change to strengthen the union and Merkel suggested
that it be a speedy process. “Where is it written that a treaty change
takes a decade?”
Merkel applauded Trichet’s achievement in ensuring price stability
in the Eurozone and protecting the central bank’s independence. “The
euro has proven itself, it is stable, over the past ten years it was
more stable than the deutschmark,” Merkel said.
–Frankfurt bureau tel.: +49-69-720142. Email: frankfurt@marketnews.com
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