Merkel seeks more EU economic policy coordination

Germany's chancellor says the 17-nation eurozone must achieve a stronger coordination of its economic policies to remain competitive and spur growth. According to AP, Angela Merkel's comments on Thursday come as her government seeks to convince European partners to hand the EU Commission, the bloc's executive arm, more powers to oversee the member states' economic policies. Merkel said ahead of a summit of the European Union's 28 national leaders she's convinced the eurozone must "collaborate yet more, yet closer ... than we do at present." EU leaders were also set to discuss the timeline for the next steps of the bloc's planned banking union that aims at stabilizing its financial system.