Merkel’s hard game
As James noted earlier, Angela Merkel’s response to the Eurozone crisis is hampered by the awkward arithmetic in the Bundestag. Merkel has been faced with these difficulties throughout the crisis. Her answer has been to oppose initial proposals to solve the Eurozone crisis, only to relent later in the day. This has been the pattern from the first Greek bailout to the expansion of the EFSF, which is currently before the Bundestag. Might her apparently determined opposition to Eurobonds (which, of course, would require a huge transfer of power and cash from Berlin to the Med and Brussels) go the same way? Wolfgang Münchau has a comprehensive piece on the