BREAKING NEWS

Merkel says fiscal pact not up for renegotiation

By REUTERS

MAY 7, 2012 14:51

BERLIN - The European Union's fiscal compact is not up for renegotiation, German Chancellor Angela Merkel said on Monday, a day after Socialist Francois Hollande won France's presidential election.

Hollande has criticized Germany's heavy emphasis on austerity to tackle Europe's sovereign debt crisis and has called for policies to revive economic growth.

"We in Germany are of the opinion, and so am I personally , that the fiscal pact is not negotiable. It has been negotiated and has been signed by 25 countries," Merkel told a news conference.

"We are in the middle of a debate to which France, of course, under its new president will bring its own emphasis. But we are talking about two sides of the same coin -- progress is only achievable via solid finances plus growth," she added.

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