THE 4TH. REICH UPON EUROPE - Chancellor Angela Merkel has managed to ensure that Brussels
has more control over the finances of eurozone countries, something she had
wanted. The deal came about after new
French President Francois Hollande appeared to throw his weight behind Italy
and Spain. "I'm here to try to find
rapid solutions for those countries facing pressure from the market, despite
having made huge efforts to balance their budgets," the socialist French
president said. The new growth package,
announced by Mr Rompuy, is made up of: -
A 10bn-euro boost of capital for the European Investment Bank, expected to
raise overall lending capacity by 60bn euros. -Targeting 60bn euros of unused
structural funds to help small enterprises and create youth employment. -A
pilot launch of EU project bonds worth 4.5bn euros for infrastructure
improvements, focusing on energy, transport and broadband.European press views
- Liberation, France: "The story runs as if some leaders - including in the front row Angela Merkel - are now counting on the break-up of the area and the establishment of a core group of countries sharing both their currency and sovereignty"
- Spiegel, Germany: "It is already clear that the high expectations on the financial markets and in capitals outside the EU will not be met. Instead of a clear commitment to a robust monetary union, with all that entails, the European leaders will probably only agree on a vague roadmap - in other words, the usual muddling through"
- El Pais, Spain: "The German chancellor has rejected any compromise to change the order of the factors in the salvatory equation: you must first create control and accountability systems and only then will debt be shared. Apparently she does not feel under pressure from fear of the euro dying"
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