January 26, 2012
As fears mount that the euro crisis could trigger a global recession, all eyes are on Germany to take an even stronger lead in the rescue efforts. But Chancellor Angela Merkel has disappointed these expectations, warning against placing too many burdens on Germany.
The World Economic Forum couldn't have found a more suitable keynote speaker. Leading the charge in efforts to save the euro, German Chancellor Angela Merkel has become the most powerful politician in Europe, and the person expected to save its currency from collapsing and wreaking financial havoc worldwide.
As the country with the deepest pockets in Europe, expectations are high when it comes to Germany's role in the currency crisis. But even though the world is talking about Germany, when Merkel took to the podium in Davos on Wednesday, she talked about the rest of the world instead.
The first part of the chancellor's speech focused on global issues, such as the sluggish progress in climate protection efforts and World Trade Organization talks. But then she got around to Europe, praising the reforms made so far in the crisis-stricken countries. She also urged more European integration. Without it, she said, "we will remain an interesting holiday destination for a long time, but we won't be able to produce prosperity for the people in Europe anymore."
When she turned to Germany, Merkel insisted that the country was prepared to do what it takes to save the euro, but the comments that followed showed she wasn't ready to get overly ambitious on that front.
"Germany is thought to be especially strong," she said, adding that this is not entirely wrong. But when Germany makes a promise "that through tough attacks on the market is also not redeemable, then Europe has a totally open flank."
The comment echoed another she made in an interview she gave on Wednesday to six European newspapers, including German daily Süddeutsche Zeitung, when she warned about placing too many financial burdens on Germany. "Amid all the billions in aid and rescue funds, we Germans also must watch that we do not lose our strength in the end -- because our possibilities are not endless either, and that would not help Europe as a whole," Merkel added. "We show solidarity, but must not forget (countries') own initiative."
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