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Traffic blocked for Highway 42 northbound at I-43 intersection due to tipped tanker truck

TOWN OF SHEBOYGAN, WI (WHBL) -  Traffic is closed to part of the I-43/Highway 42 intersection due to a tipped tanker truck at one of the roundabouts. The incident occurred around 9:45 this morning on the south roundabout, the one closer to Texas Roadhouse and Hardees.  Sheboygan County Sheriff's Sgt. Doug Tuttle said the situation is not hazardous and no major leakage from the tanker is taking place. For now, all traffic on Highway 42 towards Howards Grove at the roundabout is clo...

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ECB's Weidmann sees no "big leap" toward EU fiscal union

President of German Bundesbank Jens Weidmann reacts on the podium during the Frankfurt Euro Finance Week in Frankfurt November 19, 2012. REU
President of German Bundesbank Jens Weidmann reacts on the podium during the Frankfurt Euro Finance Week in Frankfurt November 19, 2012. REU

FRANKFURT (Reuters) - European Central Bank Governing Council member Jens Weidmann expects little progress toward a European fiscal union because there is little political will to relinquish national sovereignty, he was quoted as saying in an interview.

"I do not see the big leap toward fiscal union," Weidmann said in an interview with German magazine Wirtschaftswoche published online.

Weidmann, who also heads Germany's Bundesbank, warned against pooling risks without addressing the issue of sovereignty that a fiscal union would entail.

"If responsibility and control are not aligned, it would undermine the currency union," he said.

Weidmann repeated previous objections to the ECB's bond-buying program for crisis-struck euro zone states, saying, "We have embarked on a slippery slope."

Once a country slips into crisis and requires ECB support through the program, it would be difficult for the ECB to then withdraw its support should the country depart from reforms agreed to as a condition for the support, he was quoted as saying.

"We should interpret our mandate narrowly and not even put ourselves in such a predicament in the first place," he said.

(Reporting By Thomas Atkins)

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