Member states of the eurozone have set themselves on an “irreversible course towards a fiscal union” to underpin their common currency, even if it may take years to reach that goal, Angela Merkel, the German chancellor, told her parliament yesterday.
In a staunch defence of the results of last week’s European Union summit, Ms Merkel said: “We are not just talking about a fiscal and stability union. We have begun to create one.”
While she expressed her “great regret” at the British veto of full-scale treaty changes, Ms Merkel insisted that the alternative of a new treaty for “at least” the 17 eurozone members would amount to a big step forward towards a comprehensive solution to the eurozone debt crisis.
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