With these agreements, we are taking irreversible steps toward a sustainable stability union.”
German Chancellor Angela Merkel
Over two-thirds of all MPs of the German Bundestag approved the two sets of legislations in a late Friday session, The Associated Press reported.
The lawmakers endorsed the two euro-crisis measures, despite criticism of Chancellor Angela Merkel on her return from a European summit where she made major concessions on support for financially troubled European nations, Spain and Italy.
She called on the parliament to back the projects crucial to stabilizing the 17-nation currency zone.
Merkel said approval of the bailout fund, called the European Stability Mechanism (ESM), and the fiscal pact would send “a signal of unity and determination, domestically and abroad; a signal toward overcoming the European government debt crisis sustainably, and a signal that for us Europe means our future.”
“With these agreements, we are taking irreversible steps toward a sustainable stability union,” she said.
Merkel was the main architect of the fiscal pact, which has been ratified by 25 of the EU’s 27 members and enshrines stricter budget discipline, aimed at preventing future debt crises.
Only Britain and the Czech Republic refused to sign the fiscal pact that will impose quasi-automatic sanctions on countries that breach European Union budget deficit limits.
The 500 billion euro ESM cannot be established without Germany’s support as it requires approval by countries making up 90 percent of its capital to take effect.
Europe was hit by a serious financial crisis in 2008 and the situation has intensified over the past few months.
One in every five Greek workers is currently unemployed, banks are in a shaky position, and pensions and salaries have been slashed by up to 40 percent.
source: Presstv.ir – Europe News
South Korean president-elect Park Geun Hye (file photo)Fri Jan 18, 2013 6:11PMShare | Email | PrintSouth Korean president-elect Park Geun Hye has hailed her...
Spokesman for Iran’s Majlis National Security and Foreign Policy Committee Seyyed Hossein Naqavi-HosseiniMon Apr 8, 2013 8:10AMShare | Email | PrintRelated...
Members of the terrorist Mujahedin-e Khalq Organization (MKO) (file photo)Fri Sep 28, 2012 9:39PMLAST UPDATEShare | Email | PrintThe United States has formally...
Canadian Prime Minister Stephen Harper Mon Mar 4, 2013 9:38AMShare | Email | PrintThe United Nations Special Rapporteur on the right to food has criticized...
Argentina’s Industry Minister Debora Giorgi Wed Feb 29, 2012 9:51AMShare | Email | PrintAmid an ongoing dispute over the Malvinas Islands between Argentina and...