Bloomberg News

German SPD Urges Merkel Not to Delay Fiscal Pact, Spiegel Says

March 15, 2012

Germany’s opposition Social Democrats urged Chancellor Angela Merkel not to delay passage of new euro-area budget rules through parliament, signaling the party’s readiness to back the legislation, Der Spiegel reported, citing the party’s federal caucus chief Frank-Walter Steinmeier.

Merkel may be awaiting the outcome of French presidential elections before initiating legislation for the so-called Fiscal Compact through parliament, Steinmeier is cited as saying. Merkel needs a two-thirds majority in the lower house to approve the legislation, the German magazine said.

While the SPD has suggested its backing may be tied to the implementation of a European Union-wide financial transaction tax, fostering Europe’s unity has priority, Steinmeier told Spiegel.

“Letting Europe go to the dogs is not in the interest of the politics we pursue for people,” he is cited as saying.

To contact the reporter on this story: Brian Parkin in Berlin at bparkin@bloomberg.net

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


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