December 2, 2011
Angela Merkel, the German chancellor, on Friday spelt out her determination to create a legally enforceable “fiscal union” to restore confidence in the eurozone, rejecting “quick fixes” to Europe’s debt crisis .
In a sombre speech to the German Bundestag, she insisted that she was determined to defend the euro. Her aim was to persuade her European Union and eurozone partners to negotiate swift treaty change to enforce budget discipline and debt control in the eurozone.
Market sentiment in the embattled eurozone bond markets of Italy and Spain has improved as the outline of a eurozone rescue package emerges. Italian 10-year bond yields remained below the key level of 7 per cent, while Spanish yields dropped sharply for the second day in a row.
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