‘No Euro economic co-operation deal until 2013’

Germany does not expect Europe to take any final decisions on strengthening economic policy co-ordination between member states until the spring of next year, according to a government paper seen by Reuters.

The eight-page paper lays out a timetable for closer fiscal integration, a step chancellor Angela Merkel believes is crucial to winning back the confidence of financial markets after more than two years of crisis.

The paper, which officials said was approved by chancellery, finance ministry, and foreign ministry last Friday, says the European Commission and European Council president Herman Van Rompuy are likely to come up with concrete proposals on closer policy co-ordination in time for a December summit of EU leaders.