BREAKING NEWS

Merkel: 'No taboos' in euro crisis but change takes time

By REUTERS

MAY 31, 2012 15:17

STRALSUND, Germany - German Chancellor Angela Merkel said on Thursday that Europe should be ready to consider all options in its drive to stem its sovereign debt crisis but refrained from commenting on calls for a banking union in the euro zone.

With the crisis now battering Spain, the European Commission said on Wednesday a vicious cycle of weak banks and heavily indebted states lending to each other must be broken and proposed a joint bank deposit guarantee system to prevent a bank run.

Merkel reiterated her view that member states should be ready to hand over more powers to the Commission, the EU's executive arm, but made clear changes would take a long time.

"There are integration steps which will require treaty changes. We are not at that stage today but nevertheless there are no taboos (in our discussions)," Merkel said.

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