German Finance Minister Wolfgang Schäuble has indicated Berlin is willing to negotiate on euro bonds but must have fiscal union as pre-condition. The Guardian
reported that he insists a "European budget czar" would be part of the terms.
Although Schäuble's remarks mean little at this time in light of European political and fiscal unity remaining a German pipe-dream, they come at an interesting time. Only yesterday German Chancellor Angela Merkel emphatically stated that there would be no euro bonds "as long as I live" Der Spiegel
reported. Her statement left some German politicians wishing Merkel a long life.
As European ministers gather in Brussels for the two-day summit Reuters
reported a German government source revealed that the meeting "would produce no detailed decisions" and little progress is expected to be made on the euro crisis.