Angela Merkel’s Fear of Europe
The more the EU is forced by Germany to become a union rooted in fiscal “stability,” the more pressing it will become for eurozone countries that cannot conform to the new, stricter rules to receive some sort of financial compensation. But that is the last thing that Chancellor Angela Merkel wants Germans to know.
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BERLIN – Ever since the global financial crisis erupted in September 2008, the European Union has been in turmoil. On the one hand, the euro protected the eurozone, particularly Germany’s export economy, from speculative attacks and the chaos of currency volatility. On the other hand, the second phase of the crisis mercilessly exposed the euro’s Achilles heel: the absence of economic or financial unification within the eurozone. Rising tensions within the EU have been the inevitable result.