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Euro crisis and Germany: Is this 'indispensable' nation to be feared, or welcomed?

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Former British Prime Minister Margaret Thatcher long ago saw the challenge Mr. Cameron would be facing. In a candid roundtable discussion about German unification and the end of the cold war with Francois Mitterrand, George H.W. Bush, and Mikhail Gorbachev published in the journal NPQ in 1995, Ms. Thatcher minced no words. “I was opposed to German unification from early on for the obvious reasons. To unify Germany would make her the dominant nation in the European community. They are powerful, and they are efficient,” she said at the time.

Addressing Mr. Bush and Mr. Gorbachev, she continued: “President Mitterrand and I know. We have sat there at the table [with Germany] very often indeed. Germany will use her power. She will use the fact that she is the largest contributor to Europe to say, ‘Look, I put more money in than anyone else, and I must have my way on things which I want.’ I have heard it several times. And I have heard the smaller countries agree with Germany because they hoped to get certain subsidies. The German parliament would not ratify the Maastricht Treaty unless the central bank for a single currency was based there. What did the European Union say? Yes, you shall have it.”

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