Further eurozone reform is needed to prevent future economic crises from erupting like they did in Greece, Spain, Italy, Portugal and Ireland, German Chancellor Angela Merkel said on Thursday ahead of a major European Union summit.
“The Greek program, like others, was a huge challenge but we can say the euro is stable, the programs are over and the countries are competitive and this was a good piece of work and a good bit of European solidarity,” Merkel said in reference to a recent agreement by eurozone finance ministers to lighten Greece’s debt pile as it exits its fourth and final bailout.
“There is still a need to reform,” Merkel added. “That is why we agreed with France to work together.”
Merkel said proposals include developing the European Stability Fund into a kind of European monetary fund to help avoid potential crises.