Franco-German budget deal paves way for consensus-Merkel

BERLIN, Oct 27 (BestGrowthStock) – Germany’s deal with France on new
budget rules for the European Union paves the way for consensus
on reforming the bloc’s Stability Pact, Chancellor Angela Merkel
said on Wednesday.

Merkel told the lower house of parliament the biggest danger
for the euro zone stemmed from the excessive deficits of some
member states, adding that even with the toughest sanctions
another crisis could not be ruled out.

The EU therefore needed a robust new mechanism for crisis
situations and this could only be achieved with changes to the
bloc’s treaty, she said, adding the EU had to act quickly.
(Reporting by Dave Graham; writing by Paul Carrel)

Franco-German budget deal paves way for consensus-Merkel