News Summary: Merkel urges slow political course

AP News
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Posted: Jun 07, 2012 6:32 PM
News Summary: Merkel urges slow political course

GRADUAL PATH German Chancellor Angela Merkel has called for Europe to move gradually toward political union, frustrating fellow leaders seeking quick, bold action.

THE PROBLEM: Experts say it's not sustainable for the 17 countries that share the euro currency and interest rates to have separate budget policies. As financial turmoil has grown, the weaker economies have lagged behind the stronger.

PUSHING: After British Prime Minister David Cameron called for "urgent action," Merkel noted the debt crisis has built up over 10 years and can't be fixed overnight. A summit on the topic is set June 28.