Schulz: Eurobonds may be dead, but co-operation need not be
BELGA PHOTO BERNAL REVERT
The President of the European Parliament, Martin Schulz, has said that the lack of movement on the creation of Eurobonds should not be a barrier to improved financial co-operation in the EU.
Schulz was speaking as EU leaders gathered in Brussels for a summit that is been routinely seen as a make or break meeting for the future of the single currency.
Speaking at a press conference in the EU Council headquarters after an exchange of views with government heads, Schulz said that “most of what was said pleased him”. One major sticking point, however, is the creation of Eurobonds, which is being resisted by Germany.
As leaders gathered ahead of the summit, the continued resistance to Eurobonds by the German Chancellor, Angela Merkel, has been at the forefront of pre-summit discussions, earlier in the day, the Irish Prime Minister, Enda Kenny, said he expected Eurobonds to be rejected out of hand at the summit, and also expressed reservations about agreement on an EU banking union. Other leaders have also come out against the banking union.
Schulz, who also expects Eurobonds to be rejected, said that, despite these setbacks, alternative methods to solving the EU’s current crisis could be negotiated, included a banking licence linked to the new stability mechanism. “Just because unanimity is not present, it doesn’t mean the debt and interest crisis doesn’t need concrete measures”, he said, and added that a binding inter-institutional agreement, that focuses on growth and employment, and “modern investments” in the likes of energy is achievable before the end of the year. new europe on line
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