Merkel has the EU by the short hairs. It appears she will keep pressing for ambitious reforms, and why not? Without the support of Berlin, the EU fails…
(Reuters) – When Jean-Claude Trichet called last June for the creation of a European finance ministry with power over national budgets, the idea seemed fanciful, a distant dream that would take years or even decades to realize, if it ever came to be.
One year later, with the euro zone’s debt crisis threatening to tear the bloc apart, Germany is pushing its partners for precisely the kind of giant leap forward in fiscal integration that the now-departed European Central Bank president had in mind.
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They really have no option but this. Failing to do so will be catastrophic for the world economy.
Things will get interesting once the Germans “suggest” conditions of doing so.