Bloomberg News

Merkel Says Germany Rejects ECB Bond Reference in EU Text

October 25, 2011

(For more on Europe’s debt crisis, see {EXT4 <GO>}.)

Oct. 25 (Bloomberg) -- Chancellor Angela Merkel said that Germany opposed the inclusion of a reference to the European Central Bank continuing its bond-buying program in a draft text prepared for a crisis summit of European leaders tomorrow.

“The sentence as it is in the communique at present is not acceptable to Germany,” Merkel told reporters in Berlin today.

While officials are still working on the text, “the wording doesn’t state that there should be more secondary market purchases, but rather that the non-standard methods of the European Central Bank could be pursued further,” she said.

“We are moving in the direction that we would rather have a statement from the ECB on what they would like to do,” Merkel said. The idea is to avoid “a misunderstanding that policy leaders expect something from the ECB.”

--Editors: Alan Crawford, Leon Mangasarian

To contact the reporter on this story: Patrick Donahue in Berlin at pdonahue1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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