BERLIN: The European sovereign debt crisis has shown weaker countries must become more competitive, but the euro zone is not at risk, German Chancellor Angela Merkel said late on Tuesday, Nov 16.
"I don't think the euro zone is in danger. But we are experiencing turmoil and situations of the kind I wouldn't have dreamed of a year and a half ago," Merkel told ARD television.
"The most important thing is that, aside from the rescue measures that have been agreed, we coordinate our economic strength better with one another," she added. "That means that those who are not so competitive today must improve."
Merkel, who said on Monday the European Union would fail if the euro currency failed, noted that Greece, Spain and Portugal were working hard to achieve this.
Asked about Ireland, whose debt problems have sparked speculation it could need a bailout, Merkel said:
"We have a rescue shield in case a country needs aid, which I don't see at all at the moment. But if a country needs it, it can request aid if the euro zone as a whole is in jeopardy." - Reuters
"I don't think the euro zone is in danger. But we are experiencing turmoil and situations of the kind I wouldn't have dreamed of a year and a half ago," Merkel told ARD television.
"The most important thing is that, aside from the rescue measures that have been agreed, we coordinate our economic strength better with one another," she added. "That means that those who are not so competitive today must improve."
Merkel, who said on Monday the European Union would fail if the euro currency failed, noted that Greece, Spain and Portugal were working hard to achieve this.
Asked about Ireland, whose debt problems have sparked speculation it could need a bailout, Merkel said:
"We have a rescue shield in case a country needs aid, which I don't see at all at the moment. But if a country needs it, it can request aid if the euro zone as a whole is in jeopardy." - Reuters
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