Euro -Zone, hot air, indecizion and in conclision, NO DEAL -- Germany and the U.K. remained at odds about the introduction of a levy on financial transactions at European level, but agreed on a limit for the rise in the budget of the European Union, German Chancellor Angela Merkel and U.K. Prime Minister David Cameron said after meeting Friday. German Chancellor Angela Merkel and British Prime Minister David Cameron spoke to the media after thetalks at the Chancellery on Friday. "We are one in saying that a global financial transaction tax would be introduced by both countries immediately," Ms. Merkel said, but acknowledged that no progress was made on a possible introduction of such a levy by Europe alone. Germany wants the EU to pioneer the set-up of the tax, while the U.K. is resisting that, fearing the position of London as a financial center could be harmed. The two leaders showed more agreement on the issue of the EU's budget. "It's not acceptable that the [EU] budget grows by 5%," Mr. Cameron said, rejecting a proposal by the European Parliament. Efforts to consolidate national budgets should be mirrored in the EU budget, Ms. Merkel said, proposing the budget increase to stay close to the inflation rate. After recent disagreements between the 17 countries belonging to the euro zone and the 10 EU countries outside of it on a possible change to the EU treaty, Ms. Merkel also suggested as a compromise that a treaty change should only be adopted by the euro-zone countries. Mr. Cameron and his finance minister, George Osborne, have openly backed the need for greater euro-zone integration, even if it requires a treaty change. 
Access Investments-Building Awareness - European Union-ROMANIA
Friday, November 18, 2011
Euro -Zone, hot air, indecizion and in conclision, NO DEAL -- Germany and the U.K. remained at odds about the introduction of a levy on financial transactions at European level, but agreed on a limit for the rise in the budget of the European Union, German Chancellor Angela Merkel and U.K. Prime Minister David Cameron said after meeting Friday. German Chancellor Angela Merkel and British Prime Minister David Cameron spoke to the media after thetalks at the Chancellery on Friday. "We are one in saying that a global financial transaction tax would be introduced by both countries immediately," Ms. Merkel said, but acknowledged that no progress was made on a possible introduction of such a levy by Europe alone. Germany wants the EU to pioneer the set-up of the tax, while the U.K. is resisting that, fearing the position of London as a financial center could be harmed. The two leaders showed more agreement on the issue of the EU's budget. "It's not acceptable that the [EU] budget grows by 5%," Mr. Cameron said, rejecting a proposal by the European Parliament. Efforts to consolidate national budgets should be mirrored in the EU budget, Ms. Merkel said, proposing the budget increase to stay close to the inflation rate. After recent disagreements between the 17 countries belonging to the euro zone and the 10 EU countries outside of it on a possible change to the EU treaty, Ms. Merkel also suggested as a compromise that a treaty change should only be adopted by the euro-zone countries. Mr. Cameron and his finance minister, George Osborne, have openly backed the need for greater euro-zone integration, even if it requires a treaty change. 
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Euro -Zone, hot air, indecizion and NO DEAL -- Germany and the U.K. remained at odds about the introduction of a levy on financial transactions at European level, but agreed on a limit for the rise in the budget of the European Union, German Chancellor Angela Merkel and U.K. Prime Minister David Cameron said after meeting Friday. German Chancellor Angela Merkel and British Prime Minister David Cameron speak to the media ahead of talks at the Chancellery on Friday. "We are one in saying that a global financial transaction tax would be introduced by both countries immediately," Ms. Merkel said, but acknowledged that no progress was made on a possible introduction of such a levy by Europe alone. Germany wants the EU to pioneer the set-up of the tax, while the U.K. is resisting that, fearing the position of London as a financial center could be harmed. The two leaders showed more agreement on the issue of the EU's budget. "It's not acceptable that the [EU] budget grows by 5%," Mr. Cameron said, rejecting a proposal by the European Parliament. Efforts to consolidate national budgets should be mirrored in the EU budget, Ms. Merkel said, proposing the budget increase to stay close to the inflation rate. After recent disagreements between the 17 countries belonging to the euro zone and the 10 EU countries outside of it on a possible change to the EU treaty, Ms. Merkel also suggested as a compromise that a treaty change should only be adopted by the euro-zone countries. Mr. Cameron and his finance minister, George Osborne, have openly backed the need for greater euro-zone integration, even if it requires a treaty change. The UK Prime Minister David Cameron showed a united front with German Chancellor Angela Merkel after a meeting in Berlin today, calling for "decisive action" to resolve the eurozone debt crisis. Mr Cameron, who is generally skeptical about deepening European integration, met German Chancellor Angela Merkel amid tensions over the 17-nation eurozone's slow-moving efforts to get a grip on the spreading debt crisis. The Prime Minister conceded that the two countries have differences but said they can "deal with" them, and that the two leaders agreed over the need for "decisive action to help stabilize the eurozone." "It's obvious we don't agree on every aspect of European policy," he said. "We had a discussion about the issue of the treaties - we have a strong relationship and we both want to see a successful euro. "We have very strong agreement on the direction of European economy - towards competitiveness and deregulation." He also gave an answer to the question posed by one of Germany's major newspapers today - Mr. Cameron said: "Britain is in Europe because we're an engaged trading nation -this is the biggest single trading bloc in the world and we were part of creating it - we're proud of that creation." Mrs. Merkel acknowledged that more had to be done to tackle the debt crisis, while insisting that there no quick fix. When asked if the European Central Bank should play a bigger role in rescuing indebted countries, she said: "I think that you win back credibility by using the strength you have, and the British demand that we should put a lot of strength into winning back credibility for the euro is right. "But we also have to take care not to pretend to have strength that we don't have, because markets very quickly figure out that - "that won't work."
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