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Merkel Backs ECB on Aid Conditions

German chancellor cites commitment to doing everything possible to maintain common currency.

By Tony Czuczka and Patrick Donahue, Bloomberg | Updated on August 17, 2012

Chancellor Angela Merkel backed the European Central Bank’s insistence on conditions for helping reduce borrowing costs in indebted countries, saying Germany is “in line” with the ECB’s approach to defending the euro.

“Obviously time is pressing” on stamping out the debt crisis, though “on many of these issues we feel we’re on the right track,” Merkel told reporters in Ottawa yesterday at a joint press conference with Canadian Prime Minister Stephen Harper. Euro-area policy makers “feel committed to do everything we can to maintain the common currency.”

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