Photo Essay: Commitment to Fiscal Discipline and Strengthening the Euro
Throughout the current sovereign debt crisis, political and economic leaders in Germany and Europe have been steadfast in their commitment to fiscal discipline and to strengthening the euro. Click on the first photo to begin this photo essay on their recent statements.
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“These are highly significant months for Europe’s future, this crisis is about nothing more and nothing less than the question of whether we in the future can also continue to live in a prosperous Europe [… .] How we answer this question, and how we resolve the sovereign debt crisis at the same time, will decisively determine the life of future generations.” Chancellor Angela Merkel in the Bundestag, June 27, 2012 (© picture alliance / dpa) -
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“We always bear in mind that stronger growth and budget consolidation must go hand in hand. Incidentally, all programs adopted by the troika are aimed at achieving this very goal. These two pillars belong together as we tackle the crisis in Europe, and they are both indispensable." Chancellor Angela Merkel in the Bundestag, June 14, 2012 (© picture alliance / dpa) -
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“Not even Germany’s forces are unlimited. Therefore, our special responsibility as Europe’s largest economy is to assess our strength realistically so that it can be used effectively for Germany and Europe. That will only succeed if we don’t overestimate our strength but, rather, if we gradually head towards political union in a manner which is credible." Chancellor Merkel in the Bundestag on June 14, 2012 (© picture alliance / dpa) -
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"Growth through structural reforms makes sense. It is important, it is vital. Borrowing money to finance growth measures on the other hand would throw us right back to the beginning of the crisis. That is why we must not resort to this, and we will not resort to it." Chancellor Merkel in the Bundestag on May 10 (© picture alliance / dpa) -
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Jointly in the community of industrial states—the G8 is precisely the right format—we have to work harder than ever at getting way from high debt levels. We will thereby lay the foundation stone for a stable and lasting, as well as sustainable, growth. … . For global economic growth such as this, more free trade and open world markets are quite fundamental factors.” Chancellor Angela Merkel during her government statement on the coming G8 and NATO summit meetings on May 10, 2012 (© Bundesregierung/Schacht) -
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“Germany is counting on Greece’s future in Europe and as a euro member. At the same time, we are also convinced that what was agreed must apply. There can be absolutely no questioning of what was agreed – irrespective of the election outcome on Sunday. What was agreed, what Greece promised, must also be fulfilled." Foreign Minister Guid Westerwelle in Berlin on June 15, 2012 (© picture alliance / dpa) -
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“The fiscal compact has been adopted. It will be applied. The countries of Europe have thus agreed to end our policy of running up debts. We'll stand by our decision.” Foreign Minister Westerwelle in the Bundestag on May 11, 2012 (© picture alliance / dpa) -
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“One pillar of our policy is the fiscal compact for lower debts. The second pillar is growth through greater competitiveness. This Government needs no persuading to adopt a growth-oriented policy. For there can be no confidence without debt reduction. No investment without confidence. No growth without investment. No new jobs without growth. No new revenue without new jobs.” Foreign Minister Westerwelle in the Bundestag on May 11. 2012 (© picture alliance / dpa) -
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“Growth cannot be bought on credit. The key to increased growth is competitiveness. And competitiveness can only be achieved through structural reforms.” Foreign Minister Westerwelle in the Bundestag on May 11, 2012 (© picture alliance / dpa) -
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On adopting the fiscal compact now: “Yes, it is a serious and difficult decision that must be taken. But if we don’t maintain the stability of our common European currency, the economic risks for Germany are so great that no one can afford to be the ones responsible for letting the Fiscal Compact fail.” Finance Minister Wolfgang Schäuble in an interview with Deutschlandradio on June 11, 2012 (© picture alliance / Sven Simon) -
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“We have rightly chosen to take integration forward in Europe – not least in light of growing global interconnectedness and increasing international competition. To safeguard that integration, we need a common currency. We stand by the euro because we are confident that this is the best route for Germany and Europe too.” Finance Minister Schäuble in an interview with Handelsblatt on June 5, 2012 (© picture alliance / dpa) -
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“The euro is not the cause of the crisis. Thanks to the European Union and the euro, we have weathered the crisis so well that most people have already long forgotten that GDP collapsed by more than five per cent in 2009.” Finance Minister Schäuble in an interview with Handelsblatt on June 5, 2012 (© picture alliance /)
