Cameron and Merkel fail to agree on EU crisis remedies

GERMAN Chancellor Angela Merkel and British Prime Minister David Cameron failed to reconcile their differences on German plans for European Union treaty change and a financial transaction tax, as Mr Cameron called for “decisive action” to stem the eurozone debt crisis.

Ms Merkel said changes to EU treaties to allow for greater fiscal integration should be approved only by the 17 nations that share the euro, while Mr Cameron wants changes to be approved more widely to allow him to take back powers from Brussels. Mr Cameron suggested Germany support calls to allow the European Central Bank fund purchases of troubled sovereign debt.

“All the institutions of the eurozone have to stand behind and back the currency to defend it,” Mr Cameron said a joint press briefing with Ms Merkel in Berlin.