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Merkel: No point in eurozone summit idea
18.01.2008, 11:14
"I think the eurogroup works very well. If we create
too many structures and committees, we run the risk of a split between the
different levels," German chancellor Angela Merkel told journalists on Tuesday (15 January) in Berlin, rejecting the idea of extra eurozone summits
for EU leaders as suggested by French president Nicolas Sarkozy, alongside
criticism of the European Central Bank's euro decisions. Her main argument is
that there is no point for such gatherings as these issues are already well
governed by the region's finance ministers.
Ms Merkel was
reacting to French plans to create a top-level forum to debate monetary policy,
with Paris hinting that the first ever debate of its type could take place this
summer after the launch of the French EU presidency.
The unprecedentedly strong euro is causing problems for
French exporters, and the Frankfurt-based bank's reluctance to cut interest
rates is seen in Paris as harmful to the country's efforts to boost jobs and
economic growth.
But the German leader reiterated her previous backing for the status of full
independence of the ECB's governing board and its monetary verdicts.
"The euro is not a national currency. Its acceptance depends on the
assurance that monetary policy remains independent, which is a completely
different situation to that of the US," she said.
Meanwhile, the chancellor did accept an invitation by UK Prime Minister Gordon
Brown to meet in London on January 29 for a discussion about the financial
markets and broad economic issues ahead of the next summit of the Group of
Eight world's riches countries.
Despite earlier plans to keep the meeting exclusively for the four big EU
member states - the UK, France, Germany and Italy - Mr Brown has reportedly
bowed to pressure and included European Commission President Jose Manuel
Barroso on the guest list, according to UK media reports.
Source: Euobserver.com