European Central Bank Governing Council member Klaas Knot said Germany should support raising the European emergency fund to help end the region's debt crisis.
“The most important obstacle lies in Germany, not in the Netherlands,” Knot said in an interview on Dutch public television last night. “I think that more money is needed and we will use the time to convince our German colleagues.”
German Chancellor Angela Merkel has resisted calls to ratchet up bailout funding amid warnings that the current amount isn't enough to safeguard nations such as Italy and Spain. Germany has instead focused on budget discipline as the best means to stem the crisis now in its third year.
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