German Economy Minister Philipp Roesler urged the euro region to move toward a “stability union” and proposed automatic sanctions against countries that fail to adhere to stability rules.
Roesler also reiterated his call for states to return to solvency by way of an orderly process. Sanctions should include financial penalties and a withdrawal of voting rights, he said.
“All this will keep us occupied as we try to master the crisis of our common currency,” Roesler said in a speech in Berlin today. “If we fail to master this crisis, the question of European integration will face special difficulties.”