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Cameron and Merkel still divided in call for action

Thursday, June 07, 2012 - 01:59

June 7 - German Chancellor Merkel and British Prime Minister David Cameron still appear to be sitting in different corners, even as both call for more integration within the euro zone and for urgent action in the current crisis. Joel Flynn reports.

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Even as the euro zone hurtles towards what many would call its breaking point, a stark divide remains over how to tackle it. And, increasingly, that divide appears to pit Angela Merkel against the rest of the world. Merkel met with British Prime Minister David Cameron on Thursday. But the German Chancellor still appeared stoic in the face of criticism. (SOUNDBITE)(German) GERMAN CHANCELLOR ANGELA MERKEL, SAYING: "As far as the current crisis is concerned it is important that we emphasise that we have created the instruments for support within the euro zone, that Germany is prepared to work with those instruments whenever necessary and that this is an expression for our political will to hold the euro zone in a stable condition so the euro zone can do its part in participating in global economic growth." A European banking union proposed by the European Central Bank has met resistance from Britain. Determined to protect the interests of the Britain's financial services industry, Cameron said the onus was on Europe to fix European problems. (SOUNDBITE)(English) BRITISH PRIME MINISTER DAVID CAMERON, SAYING: "When it comes to the euro zone crisis I am very clear that urgent action is needed to deal with the market uncertainty, that is about building fire walls and recapitalising banks. But it is also essential as Angela has said that we need credible plans for getting on top of deficits and debt and we also need those structural reform plans completing the single market to make sure we can get good growth throughout the European Union, including in the single currency area." The lack of action is now concerning the rest of the world. Earlier this week U.S. President Barack Obama and Canadian and Japanese leaders telephoned European policymakers to express concern at the worsening crisis and press for stronger action. But as the crisis rumbles on, the solution is still unclear. Joel Flynn, Reuters

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Cameron and Merkel still divided in call for action

Thursday, June 07, 2012 - 01:59