Merkel and Barroso in fiscal union talks

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Merkel and Barroso in fiscal union talks

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German Chancellor Angela Merkel began talks about the issue of closer EU integration with European Commission President Jose Manuel Barroso in Berlin on Monday.

Before the meeting, the pair spoke of ways to boost stability and growth.

Merkel said: “We need more Europe in the Eurozone, not less Europe. Part of that is also that European institutions like the Commission having more possibilities for control, otherwise a monetary union cannot work. The fiscal pact is a first step but it’s not enough.”

Barroso drew the distinction between short-term and long-term solutions to the current financial crisis and said the Commission wants to move towards a banking union and more integrated supervision and financial guarantees across the bloc.