New York Times
September 11, 2011
There’s little doubt that Germany calls the shots in Europe. But these days, the question is whether they are the right ones.
Global financial markets are expected to go through another rough week as the euro zone’s debt crisis gets messier, and Germany, the euro’s self-styled guardian, is playing a large role in magnifying the uncertainty.
Despite repeated pledges by Chancellor Angela Merkel to keep Europe together, the cacophony of dissent within her country is becoming almost deafening. That is casting fresh doubt — whether justified or not — over the nation’s commitment to the euro.
“The German electorate is not in the mind-set to undertake actions it sees as subsidizing less worthy nations,” said Carl Weinberg, the chief economist of High Frequency Economics in Valhalla, N.Y. “As a result, the government is moving in a very isolationist way to try to establish a fortress Germany that’s economically secure despite the risks in its European Union partners.”
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