European Union

Germany a sceptical spectator

Published on 27 April 2011 at 12:34

“Germany looks on while Europe quarrels,“ headlines Handelsblatt which presents an opinion voiced by the former chairman of the centre right Christian Democratic Union (CDU) on its front page. Friedrich Merz has harsh words to say about the European political class, whose “weakness is the worst deficiency of the European Union.” And this is particularly the case with regard to the aspirations voiced by the peoples of the Arab world which have been met by “European bickering.” According to Merz, who is a financial specialist, only a strong Europe will have the capacity to help over-indebted countries to develop competitive industries. “A strong Europe needs a strong Commission, and the Commission in Brussels will only be strong if it reevaluates its priorities […] and communicates with its citizens about the extent of its role. A large number of political tasks will have to remain the preserve of member states. If this is not the case, frustration and the aggressive rejection of 'Brussels' will continue to grow.”

The German press also voices its concern over developments at the European Central Bank (ECB). The Financial Times Deutschland claims that “Rome and Paris have cut a deal on the ECB presidency,” which will likely result — against the wishes of Berlin — in the appointment of Italy’s Mario Draghi as the next custodian of the euro. As it stands, “Merkel can only hope for a consolation prize,“ notes the Hamburg daily, which expects that the Chancellor will insist on concessions elsewhere in return for her agreement. However, FTD also argues that Draghi is “the best candidate” for the job, and points out that we should be wary of assumptions about his “southern” origin and his employment history at Goldman Sachs. In fact, Draghi’s “monetary policy may be even more restrictive than the ones adopted by his predecessors. The Italian will have to prove to the rest of the Eurozone that he is not Italian [read: lax] on monetary issues.”

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