MW:Merkel says euro-zone needs closer fiscal union
By MarketWatch
FRANKFURT (MarketWatch) -- Chancellor Angela Merkel told Germany's parliament Friday that Europe is working toward a tighter fiscal union aimed at resolving the euro zone's long-running debt crisis, news reports said. "We need budget discipline and an effective crisis management mechansim. So we need to change the treaties or create new treaties," Merkel said, according to the BBC. Merkel, however, again rejected the notion of a joint issuance of government bonds by euro-zone countries, saying eurobonds wouldn't "contribute to the resolution of the crisis," the Associated Press reported. European leaders are set to meet on Dec. 9 in a closely-watched summit meeting.
