Berlin - Germany on Monday reiterated its
opposition to the introduction of joint euro zone bonds a day
after the election of French President-elect Emmanuel Macron,
who favours more European integration.
Macron's victory is a relief for Germany, the main defender
of the European Union against rising anti-establishment
sentiment on the right and left of the political spectrum.
However, the idea of joint borrowing by euro zone states
does not play well with frugal German voters.
"I can tell you that the federal government's dismissive
attitude toward euro bonds remains valid," government spokesman
Steffen Seibert told a regular news conference when asked if
Germany would back Macron should he push for euro bonds.
One proponent of euro bonds told Reuters on Monday that
Macron's clear win in Sunday's election could mark a step toward
creation of such instruments.
Chancellor Angela Merkel's conservatives have rebuked Martin
Schulz, her Social Democratic challenger in September's general
election, for calling for "euro bonds" in the single currency
bloc to relieve its debt crisis.
A spokeswoman for Finance Minister Wolfgang Schaeuble said
strengthening the euro zone would be one topic that he would
discuss with his new French counterpart once Macron has
installed a new cabinet.
"When the new government takes office there will be many
common themes to discuss. This includes strengthening the euro
zone economically as well as its governing structures,"
Friederike von Tiesenhausen told reporters.
Macron has vowed to implement reforms that would make the
French economy more competitive. In return, he wants Germany to
boost spending.
Merkel said on Monday that Franco-German cooperation was a
"cornerstone" of German foreign policy, adding that Germany did
not need to change its economic course in response to Macron's
election victory.