German Chancellor Angela Merkel continued to insist on Friday that joint euro zone bonds were not an option, nor was using the European Central Bank (ECB) as lender of last resort, and that the way to solve the eurozone debt crisis was through tight control of budgets.
Bloomberg reported that Merkel dismissed calls for quick action and instead compared the crisis to a marathon, saying, “Marathon runners often say that a marathon gets especially tough and strenuous after about 35 kilometers [22 miles]. But they also say you can last the whole course if you’re aware of the magnitude of the task from the start.”
Merkel also said that the role of the ECB was different from those of either the Bank of England or the Federal Reserve. Instead she stressed, along with French President Nicolas Sarkozy, the need for closer ties among eurozone nations and the need for tighter enforcement of budgets designed to extricate troubled nations from their fiscal woes.