Merkel supports economic stimulus of 2 trillion euros

German Chancellor Angela Merkel told reporters after a video conference of European Union leaders on creating a mutual fund to avoid economic collapse in parts of the European Union that the leaders agreed on the need for a fund to provide significant financial support amounting to 2 trillion euros.

"It was clear to everyone that we need such a fund to recover. I want to say very clearly that such a joint solution is in Germany’s interests because things cannot go well for Germany unless it goes well for Europe," Merkel added.

Merkel made clear that all elements of the package should be put in place in May and be ready by June 1, and said Germany would have to make higher contributions to the EU’s future budget, but she said it was unacceptable that the debt be exchanged.