German Chancellor Angela Merkel has said the euro zone’s economic woes could be the perfect opportunity to strengthen the European Union.
The Chancellor said if the single currency fails, the European project would collapse with it, adding that a common economic policy was the only way to avoid a rerun of Greece’s fiscal problems.
Merkel recently faced down strong public opposition to back a 110 billion euro bailout for Athens.
“This crisis surrrounding the Euro is a crisis like no other,” she said. “It is the biggest challenge Europe has faced since 1990, or perhaps in 53 years since the signing of the Treaty of Rome. This challenge is a very real one.”
Germany has previously opposed a common economic policy, fearing it could threaten the independance of the European Central Bank.