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Merkel seeks more EU economic policy coordination

Germany urges stronger EU economic policy coordination as leaders discuss banking union

German Chancellor Angela Merkel, right, arrives for an EU summit on Thursday, Oct. 24, 2013. A two-day summit meeting of EU leaders is likely to be di...

Belgium EU Summit

German Chancellor Angela Merkel, right, arrives for an EU summit on Thursday, Oct. 24, 2013. A two-day summit meeting of EU leaders is likely to be di...

BRUSSELS (AP) -- Germany's chancellor says the 17-nation eurozone must achieve a stronger coordination of its economic policies to remain competitive and spur growth.

Angela Merkel's comments on Thursday come as her government seeks to convince European partners to hand the EU Commission, the bloc's executive arm, more powers to oversee the member states' economic policies.

Merkel said ahead of a summit of the European Union's 28 national leaders she's convinced the eurozone must "collaborate yet more, yet closer ... than we do at present."

EU leaders were also set to discuss the timeline for the next steps of the bloc's planned banking union that aims at stabilizing its financial system. They still disagree over how to set up and fund a European authority capable of bailing out or winding down bust banks.


Updated : 2021-04-22 02:19 GMT+08:00