Saving the Common Currency: German Obstructionism Heightens Euro Fears

By

Part 5: The EU Summit

German Chancellor Angela Merkel is under fire in Europe these days for her opposition to plans aimed at propping up the euro. Zoom
REUTERS

German Chancellor Angela Merkel is under fire in Europe these days for her opposition to plans aimed at propping up the euro.

There is little to indicate that Merkel might be willing to compromise at this week's summit. Most expect her to do what she can to push through her crisis mechanism and further oppose both the Euro-bond idea and an extension of the EFSF. She remains convinced, after all, that there is no rush.

Plus, her plan would take time to implement in the first place, requiring as it does a slight change to the wording of the Lisbon Treaty -- a change that would require the approval of all 27 European Union member states.

Billionaire investor George Soros is just one of many who think that Europe needs to act quicker than that. "It is better to inject equity now rather than later and it is better to do it on a Europe-wide basis than each country acting on its own," Soros wrote in a recent contribution for the Financial Times.

Should it not, he continued, the threats facing Europe are significant. There is a risk, he wrote, "that the euro may destroy the political and social cohesion of the EU."

Article...
  • For reasons of data protection and privacy, your IP address will only be stored if you are a registered user of Facebook and you are currently logged in to the service. For more detailed information, please click on the "i" symbol.
  • Post to other social networks

Keep track of the news

Stay informed with our free news services:

All news from SPIEGEL International
Twitter | RSS
All news from Europe section
RSS

SPIEGEL ONLINE 2010
All Rights Reserved
Reproduction only allowed with the permission of SPIEGELnet GmbH




Photo Gallery
Graphics Gallery: The Euro Crisis in Numbers
Graphic: How Euro-bonds would work. Zoom
DER SPIEGEL

Graphic: How Euro-bonds would work.



European Partners
Presseurop

Politiken

Corriere della Sera

One Million Erasmus Babies

ASEM Summit Paralyses Milan


Facebook
Twitter