"Eurobonds are absolutely wrong. In order to bring about common interest rates, you need similar competitiveness levels, similar budget situations. You don't get them by collectivizing debts"

This quote by Angela Merkel is describing the idea of Eurobonds, which are bonds issued by a group of countries in the European Union. Merkel is arguing that Eurobonds are not the best solution for the European Union. She thinks that in order for nations to have similar rates of interest, they must have similar levels of competitiveness and budget plan scenarios. She thinks that this can not be achieved by collectivizing financial obligations, which is what Eurobonds would do. Merkel believes that each country ought to be accountable for their own debts and that collectivizing them would not be useful. She thinks that each country must be responsible for their own budget plan and competitiveness levels in order to accomplish comparable rate of interest. Merkel's viewpoint is that Eurobonds are not the ideal service for the European Union.