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Feb. 7 (Bloomberg) -- German Chancellor Angela Merkel said that plans to press for closer economic ties in Europe won’t pave the way to a permanent system of financial transfers from richer to poorer nations.
The planned fiscal union in the euro area, which is due to be signed by European leaders at their next summit in early March, won’t be a “transfer union,” Merkel said in a speech in Berlin today.
Euro nations will need to cede more power to the European Union as they contribute to the crisis fight, Merkel said. The EU needs “more not less Europe” by means of political union, she said.
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