Angela Merkel has said Europe needs "political courage and creativity rather than billions of euros" in a thinly disguised rejection of Francois Hollande's pledge to re-write the fiscal pact if he wins the French presidential election on Sunday.Read the rest here.
The German Chancellor fired the warning shot at Mr Hollande as the socialist stormed ahead of Ms Merkel's ally Nicolas Sarkozy in the presidential race.
"It is important that we break with the idea that growth always costs a lot of money and must be the result of expensive stimulus programs," she said in an interview due to be published on Wednesday in Hamburg's Abendblatt newspaper.
She added that the eurozone's recovery would depend on rebuilding national finances as well as structural reforms of the job markets and education.
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