Angela Merkel, the German chancellor, called yesterday for Europe to build a “political union” to underpin the euro and help the continent emerge from its “toughest hour since the second world war”.
As Ms Merkel vowed closer integration, the eurozone remained under intense strain.
A small bounce in markets following the news of Mario Monti’s appointment as Italian prime minister was soon snuffed out as investors fretted not just about Italy but also Spain and France. The premium Spain pays to borrow over Germany rose to a euro-era record of 433 basis points as its benchmark 10-year yields rose above 6 per cent for the first time in three months.
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