The Nico and Angela Show; Europe's Big Two  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8759 (Nov. 2011), page 10-12.
Topik: Political Behavior; International Relations; Central Banks; Economic Crisis
Fulltext: The Nico and Angela show.pdf (53.53KB)

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The economic crisis has established a new German dominance in Europe. As the continent's biggest economy, Germany has set the terms of the various euro-zone rescues. Having largely absorbed east Germany since unification in 1990, it is looking for markets in the emerging economies. And, bit by bit, it is carving out a more assertive and independent role. When Nicolas Sarkozy, France's president, meets Angela Merkel, Germany's chancellor, the atmosphere can be chilly. Ms Merkel has said she thinks she is "the most boring person Mr Sarkozy has ever met". But what matters more is the unresolved combination of France's designs and Germany's power. Their difficult partnership weaves yet another strand into the drama of the euro, adding to the uncertain future of the EU itself. On the one hand, Germans know that their fate is still bound up with European integration, as it has been for the past 60 years. The country's pro-European finance minister, Wolfgang Schauble, says that although Germans might be sceptical of the euro, they are not Eurosceptics. Opposition parties have criticised Ms Merkel for being too reluctant to save the euro zone. They have put forward bold plans, such as Eurobonds issued jointly by the entire euro zone, combined with a leap in fiscal integration. The opposition has been rewarded with a strong performance in regional elections. By contrast, Ms Merkel's party has suffered at the polls and her coalition partner, the more Eurosceptic Free Democratic Party, is on its knees. On the other hand Germans also feel indignant. They think that at the time of monetary union they were conned with the false promise that the euro and the European Central Bank would be worthy of the mighty D-mark and its guardian, the Bundesbank.

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