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German parties still at odds on euro zone budget, banking union - document
November 15, 2017 / 2:35 PM / 6 days ago

German parties still at odds on euro zone budget, banking union - document

BERLIN, Nov 15 (Reuters) - German parties exploring a coalition government have underlined their willingness to strengthen the euro zone, but they remain at odds on whether they should back a French proposal to create a joint euro zone budget to shield Europe from future crises, a draft document on Europe seen by Reuters showed on Wednesday.

A two-page document, a blueprint for a new government’s stance on European issues, contains several bracketed sentences, reflecting ongoing areas of disagreement that must be resolved by Chancellor Angela Merkel and other party leaders at their meeting this afternoon.

“[The following compromise proposal could not be reached: There is a need for a capacity to buffer extraordinary, unpredictable economic emergency situations which are beyond the control of individual member states...,” one passage reads.

Another sentence which was in brackets and was described as the position of the pro-business Free Democrats (FDP) read: “We do not support a fiscal capacity in order to buffer the effects of economic shocks.”

The paper contains two alternate phrasings on the banking union, one supported by Merkel’s conservatives and the left-leaning Greens, and another with more hardline language backed by the FDP. (Reporting by Hans-Edzard Busemann; Writing by Michael Nienaber,)

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