Merkel Refuses Role of Rescuer in Euro Crisis

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http://www.spiegel.de/international/europe/0,1518,811607,00.html

The World Economic Forum couldn't have found a more suitable keynote speaker. Leading the charge in efforts to save the euro, German Chancellor Angela Merkel has become the most powerful politician in Europe, and the person expected to save its currency from collapsing and wreaking financial havoc worldwide.

As the country with the deepest pockets in Europe, expectations are high when it comes to Germany's role in the currency crisis. But even though the world is talking about Germany, when Merkel took to the podium in Davos on Wednesday, she talked about the rest of the world instead.

The first part of the chancellor's speech focused on global issues, such as the sluggish progress in climate protection efforts and World Trade Organization talks. But then she got around to Europe, praising the reforms made so far in the crisis-stricken countries. She also urged more European integration. Without it, she said, "we will remain an interesting holiday destination for a long time, but we won't be able to produce prosperity for the people in Europe anymore."

When she turned to Germany, Merkel insisted that the country was prepared to do what it takes to save the euro, but the comments that followed showed she wasn't ready to get overly ambitious on that front.

[Lawlbringer]

1. A friend of mine just mused

that Germany is in a prime position to once again screw the rest of Europe.

I'm curious, though. Is this a real test of the European Union? Or is it just a matter of, "Fix your own damn mess, it's not my problem."

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2. Well, German banks are involved in this trouble.

Make of that what you will - but along with Lehman's involvement - I don't think it's good.