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Ah but the English-language press adds just the right amount of crunchy insanity.

But to the matter at hand: Why are we blaming Germany specifically? Is there anyone anywhere in power who has not yet declared austerity to be the height of both virtue and wisdom?

by generic on Mon Jun 21st, 2010 at 05:29:20 AM EST
[ Parent ]
Germany is the largest Euro economy, the one with the largest trade surplus, and the one the market takes as benchmark. This makes it the single most powerful country and the one with the largest responsibility for success/failure of European economic policies.

In this context:

  1. the constant flip-flopping on the Greek situation arguably made matters worse
  2. we now have credible claims of spreading market-sensitive misinformation

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Mon Jun 21st, 2010 at 05:45:37 AM EST
[ Parent ]
All of that is true. Nonetheless if the consensus is to burn down the house why bother complaining about somebody playing with fire?

I take the leaking as a sign of internal divisions more than anything else. It seems that Merkel managed to both rid herself of all possible rivals and demoralise her supporters. Some sniping is to be expected.

by generic on Mon Jun 21st, 2010 at 07:06:03 PM EST
[ Parent ]


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