BERLIN (AP) — German Chancellor Angela Merkel says she still rejects eurobonds, telling Parliament that jointly backed government debt across the eurozone is no solution to the financial crisis.
The chancellor said in a speech Friday that the discussion about eurobonds "does not contribute to the resolution of the crisis."
She says the eurozone instead needs a new "stability union" with stronger fiscal controls and debt regulations.
The German leader's address comes ahead of a Dec. 9 EU summit in Brussels where she and French President Nicolas Sarkozy plan to propose joint action.
She says their goal at the summit is to change European treaties "to avoid a splitting of the eurozone and non-eurozone members."
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
BERLIN (AP) — German Chancellor Angela Merkel says there is no easy fix to the European financial crisis, and that a solution will "take years."
Merkel told Parliament Friday that "the German government has made it clear that the European crisis will not be solved in one fell swoop."
She says: "It's a process, and that process will take years."
Merkel and French President Nicolas Sarkozy are pushing for a reorganization of existing regulations aimed at keeping the eurozone from breaking apart.
The German leader's address comes ahead of a Dec. 9 EU summit in Brussels where she and Sarkozy plan to propose joint action.
She also told lawmakers she's sticking to her position that the European Central Bank must remain independent to maintain trust.