Merkel warns against mediocrity in Europe

15th June 2012, Comments 0 comments

German Chancellor Angela Merkel lamented on Friday a "lack of confidence" among eurozone leaders and warned against "mediocrity" in responses to Europe's financial turmoil.

Merkel also complained in a speech to members of the country's federation of family enterprises that pitting the idea of growth against budgetary rigour was a "false debate".

She said there was a lack of confidence among investors outside Europe "but also a lack of confidence among the actors inside" the eurozone.

And she said a crisis of confidence could only be resolved by tackling the root causes.

"I am advocating that we work on the causes and not on the symptoms," Merkel said.

She also complained that hinging discussions about how to tackle the financial turmoil in Europe on arguments for growth versus the balancing of national budgets was "simply rubbish".

Speaking ahead of a meeting of G20 leaders next week in Mexico, Merkel said Germany would not be convinced by "quick solutions" such as eurobonds or introducing a fund for mutual banking guarantees in Europe.

"Mediocrity must not become the standard," she warned to applause.

© 2012 AFP

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