As a deadline looms for Italy’s eurosceptic government to re-submit budget plans to the European Union, German Chancellor Angela Merkel told the European Parliament in Strasbourg on November 13 the euro zone would only work if all member states meet their treaty responsibilities.
“Our common currency can only function if every individual member fulfils their responsibility for sustainable finances,” Merkel said, adding that otherwise the strength and the stability of the euro zone were at risk.
“We want to extend a hand to Italy,” she later said. “But Italy also agreed to all sorts of rules and it can’t just tear them up.”
“Solidarity is always linked to commitments of the community, and the principles based on rule of law,” Merkel said.
As reported by Deutsche Welle (DW), Germany’s international broadcaster, Merkel addressed the challenges facing the eurozone. She said it and the common currency could only function “if every individual member fulfils their responsibility for sustainable finances,” a clear reference to the current showdown between Italy and the EU Commission over the former’s refusal to back down from its big-spending budget, which the Commission rejected last month.
“We want to extend a hand to Italy,” Merkel said later. “But Italy also agreed to all sorts of rules and it can’t just tear them up.”