Euro members must be prepared to cede sovereignty: Merkel

German Chancellor Angela Merkel said on Monday that euro zone members must be prepared to cede control over certain policy domains to European institutions if the bloc is truly to overcome its debt crisis and win back foreign investors.

Written by Reuters | Berlin | Published: April 23, 2013 12:44:41 am

German Chancellor Angela Merkel said on Monday that euro zone members must be prepared to cede control over certain policy domains to European institutions if the bloc is truly to overcome its debt crisis and win back foreign investors.

Speaking at an event hosted by Deutsche Bank in Berlin alongside Polish Prime Minister Donald Tusk,Merkel also defended her approach to the crisis against critics who argue she has put too much emphasis on austerity,saying Europe must find a way to deliver both growth and solid finances. The comments came two months before European leaders are due to gather in Brussels to discuss moving towards a so-called “fiscal union”.

“We seem to find common solutions when we are staring over the abyss,” Merkel said. “But as soon as the pressure eases,people say they want to go their own way.

“We need to be ready to accept that Europe has the last word in certain areas. Otherwise we won’t be able to continue to build Europe,” she added.

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