Merkel has Rejected any Possible Financial Support for the Italian bank

Merkel has Rejected any Possible Financial Support for the Italian bank

In her most detailed comments on Macron's vision, Merkel supported the idea of turning the euro zone's ESM rescue fund into a European Monetary Fund (EMF) with powers to give members hit by sovereign debt troubles short-term credit lines.

"For a successful economy we have to sustainably stabilize the euro".

Both parties campaigned on a policy platform that was characteristically hostile toward the European Union and the euro.

But Ms. Merkel must also maintain a fragile equilibrium within her own governing coalition.

Merkel told the Frankfurter Allgemeine Sonntagszeitung ahead of a crunch European Union summit this month that Germany as the eurozone's top economy would support an investment budget whose total would be "at the lower end of the double-digit billions of euros range". "Such loans would be spread over 30 years and be conditioned on sweeping structural reforms". "Those are totally new notes from Mrs. Merkel".

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Merkel's spokesman, Steffen Seibert, declined to say whether Merkel and Draghi discussed the political situation in Italy or euro zone reform proposals during their meeting in Berlin.

The issue is complicated by Germany's determination to retain domestic parliamentary control over its forces.

Merkel also said that a future EMF would be organized on an intergovernmental basis and national parliaments of member countries would have oversight. In another nod to Macron, Merkel said she had a "positive view" of his joint European military intervention force. After months of dithering, the German chancellor came up with lukewarm compromises on nearly every issue, as she faces political balancing acts at home and overseas.

For example, he is calling for the creation a eurozone budget and a eurozone finance minister.

As reported by Deutsche Welle (DW), Germany's global broadcaster, Conte, a little-known Italian law professor, has mostly kept quiet since being sworn in on June 1, but he announced on Facebook that, along with Merkel, he had also held talks with France's Emmanuel Macron on June 2. League leader Matteo Salvini, Italy's new interior minister, has said that Italians "aren't the slaves" of European Union powerhouses Germany and France.

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