We Isolate and Overload Germany at Our Peril

Great review of the European crisis, how it got there, and how past history is still influencing the present.

The Merkel government is not ruling out eurozone bonds or EU deposit insurance for ever. It is arguing that any such moves can come only as part of a bigger project – the formation of a political union. Anything else will feel like giving southern Europe a German credit card, without setting a credit limit.

Read the article here.