Financial Times
December 2, 2011
To Angela Merkel, the German chancellor, the race to save the euro is a marathon, a process that could take years, to tackle the fundamental causes of the eurozone’s financial crisis by establishing a “fiscal union” between its partners.
The image of a long-distance race was the one she chose Friday in the German Bundestag, insisting that “you can last the whole course if you are aware of the scale of the task from the start”.
To Nicolas Sarkozy, France’s president, the rescue operation is far more urgent. He faces a critical re-election campaign next April, and the alarming prospect that his government could face a humiliating downgrade in its triple A debt rating that might destroy his chances before he even reaches the hustings.
“There is urgency,” Mr Sarkozy said on Thursday to an audience of 5,000 in Toulon. “The world will not wait for Europe. If Europe does not change quickly enough, history will be written without her.”
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