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European proposals to reshape the crisis-struck euro area ran into
immediate criticism from Germany for putting too much emphasis on debt sharing
and too little on controlling national budgets.
The 10-year roadmap, released Tuesday by four officials led by European
Union President Herman Van Rompuy, centered on common banking supervision and
deposit insurance and a “criteria-based and phased” move toward joint debt
issuance. It also suggests that the EU could impose upper limits on annual
budgets and debt levels of nations that use the euro.
“Parts of it read like a wish list,” German Deputy Foreign Minister
Michael Link told reporters in Luxembourg. The proposals lean “toward various
models for mutualizing debt. What comes up short is improved controls,” he
Angela Merkel was quoted as telling a meeting of one of the parties in her
coalition on Tuesday that Europe would not have shared total debt liability “as
long as I live.”
The chancellor said there would be no shared liability of debt in Germany
either — after her government agreed plans with federal states to issue joint
“Deutschland bonds” — in comments reported by participants in a meeting with
the Free Democrats (FDP), junior partners in her centre-right coalition.
Germany’s instant opposition lessened the chances that a June 28-29 summit
— the 19th since the debt crisis broke out in early 2010 — will point the way
out of the turmoil that threatens to splinter the euro currency.
Van Rompuy collaborated on the proposals with European Central Bank
President Mario Draghi, European Commission President Jose Barroso and
Luxembourg Prime Minister Jean-Claude Juncker, who manages meetings of euro