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Merkel Proposes New EU Aid Fund

German chancellor highlights eurozone disagreements over budget rules, bank supervision.

By Tony Czuczka and Rainer Buergin, Bloomberg | Updated on October 18, 2012

German Chancellor Angela Merkel proposed a new European aid fund to bolster competitiveness as she highlighted disagreements over budget rules, joint borrowing and bank supervision in a pre-summit address.

Speaking to lawmakers in Berlin before heading to Brussels for a two-day gathering of European Union leaders, Merkel laid out her vision for more economic coordination, while expressing “surprise” at negative reaction to a proposal for a watchdog with veto power over national budgets. Her vision includes a fund “limited in time and project-based” and possibly stocked by the proposed financial transaction tax, she said.

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