Euro Fate Rests in German Hands
The unfolding Euro crisis has raised a new variant on the old German Question. For much of its history as a state, Germany has been the pivotal state in Europe. After the Cold War and the reunification of East and West, the fate of “Europe” as a unified political and economic space depended entirely on Germany’s willingness to let go of the vaunted Deutsche Mark. Now, the fate of the Euro — and arguably the EU — rests on Angela Merkel.
In my New Atlanticist post, “The (New) German Question,” I round up the most salient recent commentary on the matter and conclude on a skeptical note.
Citing Henry Farrell‘s observation that if the Greek rescue fails, “so too will the euro project,” I observe,
The hope of fans of a united Europe is that the Germans will come to the same conclusion and decide that failure is not an option. That is, after all, what Merkel did with the financial crisis — ultimately approving the German stimulus package that she’d spent months fighting against.
But will she feel the same pressure to swallow her principles for Europe? Let alone for Greece? With 70 percent of her own voters opposed? It’s by no means certain.
Much more at the link.
AP Photo/Geert Vanden Wijngaert