Merz Sets Limits on Draghi’s Push for EU Revival and Common Debt

German Chancellor Friedrich Merz said that the situation facing the European Union is more challenging than anything he has ever seen as he called for dramatic reforms to strengthen its economy rather than more common borrowing.

Speaking in Aachen, Germany, Thursday at a prize-giving for former European Central Bank President Mario Draghi, Merz said that the EU has woken up to the threats it faces and has started on the path to becoming a geopolitical force in its own right. Yet he also placed limits on how far he’s prepared to deepen financial integration with Berlin’s EU partners.