| Author (Person) | Peel, Quentin |
|---|---|
| Series Title | Financial Times |
| Series Details | 7.8.12 |
| Publication Date | 07/08/2012 |
| Content Type | News |
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Germany’s opposition Social Democratic party threw its weight behind calls for a change in the German constitution, to be ratified in a referendum on the 6 August 2012, in order to clear the way for jointly guaranteed eurozone bonds combined with a European fiscal union to underpin the common currency. The SPD launched a sharp attack on the eurozone crisis management of the German government, and warned that the monetary union would break up if it were not underpinned by a common fiscal policy. The decision by the SPD leadership to back such a strongly pro-integration policy on Europe was seen to be a big political gamble by the centre-left party in advance of federal elections in 2013. The SPD's move was immediately condemned by government supporters as opening the way to a 'transfer union' in the eurozone, in which Germany would guarantee the debts of its partners. |
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| Countries / Regions | Europe, Germany |
