Bundestag Approves Increase in EFSF Fund
There is an expression in German soccer that says: after the game is before the game. You may have won or lost one game but the next one is fast approaching, sometimes with little time to prepare. The vote on September 29 (NY Times) in the German Bundestag was an important “game” for the Chancellor to prove that she has sufficient support to push her agenda forward. But there are many “games” ahead that will present continuing challenge (Council on Foreign Relations): stabilizing the turbulent economic storms through which Germany and its partners in the euro and the EU must sail. And there is an increasing realization in the U.S. – and in particular in the White House – that the developments in Europe may have a substantial impact on an important political year. Now that it is over, the dramatic debate (Die Zeit) over the Bundestag vote will continue in the Berlin coalition government, the opposition parties, across the country and around Europe – in advance of the next critical decisions ahead (FAZ). The challenge will be to make sure that the forest does not get lost among the trees. This is all about sustaining the euro – and what might happen if that effort fails.
Further reading on the Bundestag vote:
No Season for Transatlantic Blame Games
By current German Ambassador to the United States Peter Ammon