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Merkel defends legal action against fiscal profligacy

(Xinhua)

09:50, January 27, 2012

Spanish Prime Minister Mariano Rajoy (L) attends a press conference with German Chancellor Angela Merkel in Berlin, Jan. 26, 2012. (Xinhua/Pan Xu)

BERLIN, Jan. 26 (Xinhua) -- German Chancellor Angela Merkel defended on Thursday Germany's insistence on empowering the European Commission to prosecute over-spending governments under the fiscal compact.

"It would be logical, if the Commission ... could lay suit at the European Court of Justice," the chancellor said at a press conference after meeting with visiting Spanish Prime Minister Mariano Rajoy.

She emphasized that there was not much difference between "either the Commission prosecutes, or one or more member states do so in place of the Commission," referring to the dispute on legality of other member states to act as referees if one or more states spend over their budgetary limit.

Rajoy, who took office late last year, said the stringent austerity police of his cabinet got along with economic restructuring efforts aimed at stimulating further growth, as it will "create solid foundations for our economy."

"The policy of fiscal consolidation together with structural reform will lead to sustained growth and creating jobs," he said.

Merkel also emphasized that the green light given by the a troika of the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) is the prerequisite to go-ahead for the bailout to Greece at the incoming EU summit on Monday.

"It's not humanly expectable that we'll have the troika report by the time of our (European) council on Monday," she said.

"That's why we really will be talking about growth policies and about trying to complete the fiscal compact," she said.

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