Dec. 11 (Bloomberg) -- German Chancellor Angela Merkel told lawmakers of her Christian Democratic-led bloc that this week’s European Union summit won’t arrive at conclusive decisions and cited a lack of readiness by member states to integrate.
The German leader said the summit will be a stepping stone in a longer process toward tighter fiscal cooperation among the 17 member states in the euro to overcome the debt crisis, according to a party official who was present and declined to be identified because the meeting was behind closed doors.
Merkel said many member states aren’t ready to allow greater central fiscal controls, the official said. She also reassured lawmakers in her faction who expressed concern about a draft proposal by EU President Herman Van Rompuy on overhauling euro-area governance, which includes a possible euro budget to help buffer countries against shocks.
The draft is only preliminary, she said.
German Finance Minister Wolfgang Schaeuble expressed hope that EU finance chiefs can reach agreement this week on a centralized bank supervisor, though he told lawmakers negotiations could carry on until next week, the official said.
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