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Difficult and Easy Choices Facing Germany's Angela Merkel
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Difficult and Easy Choices Facing Germany's Angela Merkel

Michael Wohlgemuth
GIS, 2013
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Angela Merkel isn’t just standing at a crossroads; Germany’s chancellor is clutching a map at the center of Europe’s spaghetti junction. But the roads have been rebuilt, and her old map is no longer valid. Which path should she choose? Economist Michael Wohlgemuth, writing prior to Merkel’s September 2013 re-election, clearly outlines the changing relationships among Europe’s dominant forces and Merkel’s options in a shifting continent. getAbstract recommends this topical article to those interested in the future of the euro zone and its most powerful member.

Summary

German chancellor Angela Merkel proclaims that “if the euro fails, Europe will fail.” It is in Germany’s best interests to keep the euro zone together “at all costs,” but, ideally, Merkel wants to minimize those costs. To that end, her government is currently pursuing “a magic triangle of goals” to prevent three outcomes: the disintegration of the euro zone, a complete “fiscal transfer union” via Eurobonds or other mutualized debt, and an “‘inflation union’ with unlimited monetization and ‘inflating away’ of sovereign debt.”

Many commentators insist that the euro zone will collapse without either Eurobonds...

About the Author

Economist Michael Wohlgemuth is a professor of international governance at the University of Bayreuth, Germany.

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