German Chancellor Angela Merkel has opposed many of the moves to stabilize the eurozone that her European colleagues favor. Is she the steady hand Europe needs now, or does she lack political courage?
German Chancellor Angela Merkel might not be the most popular person in Europe these days.The reason? Her steadfast opposition to a whole range of measures that European leaders and economic experts see as crucial to prevent Europe’s sovereign debt crisis from becoming a global financial one.
But more than ever in this two-year crisis, Ms. Merkel is seen as the sole individual who can save the common currency – or seal its demise.
At the EU summit in Brussels Friday, leaders failed to unite all 27 members on a proposed intergovernmental treaty to require greater fiscal discipline in EU member nations, though all 17 members that use the euro currency support the pact. Such a pact can be ratified more quickly than a treaty amendment.
Merkel said the development will help stabilize the troubled eurozone. "We will achieve the new fiscal union. We will have a euro currency within a stable union, she said. "We will have stronger budget deficit regulations for eurozone members."
Merkel's firm stances are playing well at home, where 63 percent of Germans strongly support their chancellor, according to pollsters Forschungsgruppe Wahlen, saying she is doing well in steering the country through the crisis.
Page 1 of 4