Saturday, 20 October 2012

EU Summit brings Discord between Germany & France in open

The European Union summit that ended Friday suggested Germany and France, always awkward partners in managing the three-year-old euro crisis, are increasingly at odds over how to resolve it.
The summit produced a tortuous compromise between the currency bloc's two biggest nations over the creation of a new euro-zone banking supervisor, but it also brought simmering disagreements between Berlin and Paris into the open.
German Chancellor Angela Merkel balked at setting up the common banking supervisor as quickly as French President Francois Hollande wanted. For his part, Mr. Hollande was dismissive of Germany's proposal that EU bureaucrats gain veto powers over national budgets.
Mr. Hollande has also publicly criticized Ms. Merkel's focus on fiscal austerity in recent days, while suggesting that the chancellor is tailoring her euro-crisis policies to suit her re-election campaign in fall 2013.

No comments:

Post a Comment