Chancellor Merkel said she would accept the minimum wage but, in return, would not accede to Social Democrat calls for higher taxes.
The French finance minister welcomed the floor on German pay as a signal of what he saw as a more cooperative German attitude within overall European economic policy.
It is not clear, though, that a German minimum wage would transform the European economic situation. It all depends on what level it is set at, and there is great resistance in Germany to doing anything which would make German exports less attractive.
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agree to do what someone else wants
money that people and businesses pay to the government
(here) refusal to accept a change or something new