German opposition:

Only eurobonds can save the single currency

BY ANDREW RETTMAN

The German opposition has endorsed plans for a national referendum on creating a full-blown fiscal Union.
The leader of the centre-left SPD party, Sigmar Gabriel, rolled out the proposals at a small press conference in Berlin on Monday (6 August).
He said the euro can only be saved by pooling debt and sovereignty. "You will not be able to hold the euro together without a common financial and tax policy ...
We have a common currency, but no common finance or budget policy."
He also accused Chancellor Angela Merkel of trying to introduce joint EU debt by the back door in letting the European Central Bank (ECB) buy distressed Italian and Spanish bonds.
"The secret launch of joint debt via the ECB is the policy of the current government and it is wrong because the control mechanisms are not in place," he added.

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Read more: euobserver.com