Merkel to press for closer European integration during her third term

FXstreet.com (Łódź) - German Chancellor Angela Merkel, whose reelection for the third term in office was confirmed yesterday by a 504 to 127 vote in the Bundestag, said on Wednesday that the European economy has been recovering gradually this year and that Germany would continue pushing for a closer integration in the area in order to improve the situation further.

“Germany has increased responsibility for Europe”, the Chancellor stressed. She pointed to youth unemployment as one of the major problems which needs to be dealt with in 2014, adding however that it couldn't be solved just with money. “Europe can learn from the German dual-education system,” she suggested.

The German Chancellor pointed to the improvements in the economic situation of Portugal, Greece, Cyprus, Spain and Ireland and stressed that the source of the crisis should be tackled pre-emptively. She said that it was possible for Europe to overcome the crisis permanently but that national economies should be subject to tighter oversight.

Furthermore, Merkel assured that the EU banking union would be in place next year. She emphasized the importance of setting up the Single Resolution Mechanism for financial institutions and suggested that investors should contribute to the bank resolution fund.

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