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Merkel Spurns ‘Bazooka’ in Favor of Fast-Track Treaty Change

Germany spurned investor calls to maximise financial firepower to calm markets, saying its fast-track proposals for European Union treaty change are key to solving the euro-area debt crisis.

Chancellor Angela Merkel will deliver a speech on the crisis to the lower house of parliament in Berlin on Dec. 2, previewing a Dec. 9 summit of European leaders that is due to discuss proposals for treaty change, Merkel’s chief spokesman, Steffen Seibert, told reporters today.