EU facing "existential" test as euro in trouble: Merkel

08:49, May 14, 2010      

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German Chancellor Angela Merkel said Thursday that the euro currency are facing greatest test in decades, as some eurozone members got into serious debt troubles, but it might also be a chance of bettering economic policy coordination among European partners.

"If the euro fails, not only the currency fails. Europe fails too, and the idea of European unification," Merkel said in a speech, as she attended an ceremony in Aachen where Polish Prime Minister Donald Tusk was awarded the Charlemagne prize for " contribution for European unity."

The crisis over the euro's stability was "the strongest test Europe has faced since 1990, if not in the 53 years since the Treaties of Rome," the chancellor warned, referring to the foundation of European Economic Community in 1957.

Merkel stressed that "The test is existential, and it must be passed. If we fails, the consequences for Europe and beyond are incalculable."

"We have a common currency, but no common political and economic union. And this is exactly what we must change," she said. "We must use the opportunity of the crisis to make up for the failures that were also not corrected by the Lisbon Treaty."

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