Since the beginning of the euro crisis last year, no solution to the crisis was possible without Germany, write AICGS Non-Resident Senior Fellow Dr. Ulrike Guérot and Mark Leonard, both of the European Council on Foreign Relations. Although Germany has now signaled it will do what it takes to save the euro, much of Europe is worried about the way this will be done; the authors argue that Germany needs to recast its approach to economic governance to avoid the creation of a two-speed Europe and put its economic might at the heart of a push to develop a global Europe.
Chancellor Angela Merkel has some major challenges ahead regarding the future of the euro, writes Senior Non-Resident Fellow Dr. Ulrike Guérot of the European Council on Foreign Relations (ECFR). Dr. Guérot argues that Chancellor Merkel’s options regarding reform efforts in the euro zone have been severely limited by domestic issues, and that her ability to reach a compromise with other EU countries depends on the outcome of these domestic developments. This essay originally appeared in the ECFR’s blog on February 24, 2011.
The Federal Republic of Germany turns sixty in 2009—and she has had a breathtaking life so far. Born out of the devastations of World War II, she worked hard to overcome the physical and psychological damages. She had a flourishing youth when she was around twenty, known in the history books as the “Wirtschaftswunder.”…