Merkel wants EU countries to accept that Europe “has the last word”

FXstreet.com (Barcelona) - German Chancellor Angela Merkel, who took part in an event organized by Deutsche Bank in Berlin on Monday, said that Eurozone Member States should be “prepared to cede control over certain policy domains to European institutions if the bloc is truly to overcome its debt crisis”, as Reuters reports.

“We need to be ready to accept that Europe has the last word in certain areas. Otherwise we won’t be able to continue to build Europe,” the Chancellor emphasized.

Angela Merkel warned that there will be no progress in the response to the crisis if some of the countries continue to be determined to follow their own paths. This way she signalized that Germany supports tighter controls over national budgets, two months ahead of the scheduled talks on the European "fiscal union”. This solution is strongly criticized by other EU countries, especially by France.