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Treaty Change - A snub to Emmanuel Macron ahead of the French president’s trip to Berlin this week

Ms Merkel endorsed the idea of turning the European Stability Mechanism, the eurozone’s financial rescue fund, into a regional version of the IMF.

But she said it would have to be created through treaty change.

FT 17 April 2018

Ms Merkel does not say “no” to eurozone bonds. She says: “Not without treaty change.” 

The German constitutional court in Karlsruhe would never allow Germany’s sovereign guarantee to be given to its eurozone partners without them submitting to effective and centrally budgeted discipline.

Financial Times 31 May 2012

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