Germany’s Merkel Says “Euro Lost Credibility”


European Union leaders began arriving here Thursday night to hold an informal discussion over dinner on how to stop the escalating debt and financial crisis in Europe.

Upon arrival, German Chancellor Angela Merkel told reporters that “the Euro lost credibility and we have to restore it and therefore we need to be bound to more stringent rules.”

“We are moving toward more European Union and more fiscal discipline.”

“We still have to decide if it will include 17 Member States or the 27 Member States. But the most important for me is to recover stability and to change the Treaty,” she added.

Davbid Cameron, UK Prime Minister, said that “these are important talks and we need obviously to get that stability in the Eurozone which is good for the European countries, which is good for Britain as well but also we need to protect Britain’s interests.” “Those are our aims and that’s what we’ll be discussing,” he added.

Jean-Claude Juncker, Luxembourg Prime Minister and President of the Eurogroup said that a proposal by Germany and France to change the EU treaty “are going in the right direction because those proposals are in fact the proposals that some of us made months and months ago.”

Elio Di RUpo, the new Belgian Prime Minister said that during this summit, the most important is to find solutions for the all the European citizens and to keep the European spirit as a priority.

The formal EU summit will begin Friday morning.


KUNA is the Kuwait News Agency

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