Tired of disbelief, Germany does not hide his irritation toward Francois Hollande. The French president's strategy to exit the euro area and France of the crisis beyond comprehension for the ruling class of the Rhine. So it is no longer immune against the storm, Germany multiplies appeals to reason. Berlin laments not being able to rely on its historical partner in European integration at the crucial moment when the euro area needs to reorganize to face the future.
In criticizing the "mediocrity", which should not become the standard "in Europe, last week, Angela Merkel was indeed France, which abandoned its alliance with Germany to be closer to the southern countries of Europe . As his finance minister, Wolfgang Schäuble, the chancellor was annoyed to see French President spread his disagreements with Berlin and stress mechanisms to pool debt at the expense of Europe's largest economy. She is worried that France continues to dodge the structural reforms they deem necessary to restore competitiveness and market confidence.
Crushed by the weight of its history, Germany has always refused to assume fully its economic power. Without complaining, she put her checkbook in the service of European construction, leaving Paris on the first political role. In recent years, while she was digging away with France, Germany had taken care to preserve a balanced partnership with its historical ally. "Sarkozy had seized the chance to Merkozy this alliance," to extract concessions from Merkel, says the Financial Times Deutschland in an article entitled: "Mr. Chairman, break your promises!"
The partial return to retire at age 60 caused a shock in Berlin. Schäuble not digest what he considers a penknife in the Franco-German agreement. "We were stunned, says a senior German official. We do not understand the fury with which the Netherlands seeks to join the club of France PIGS (Portugal, Italy, Greece, Spain). Yet the contract was fair. German solidarity was to pay euro to keep the vessel afloat. In return, our partners should make the necessary reforms. "
Only the former communist applaud!
Initially, the senior believed in the German electoral bluff. But the insistence with which Holland was clinging to the leaves Eurobonds surprise. "When we say that Germany has not the means to assume the debts of all Europe, Holland thinks he really think the finances of France allows it?, Wonders what tenor of the coalition. We do not understand the willingness of France to want to pay higher interest rates when it is already struggling to reduce its deficits. "
In an article entitled "Francis, the nightmare of businesses," the center-left daily Süddeutsche Zeitung alarm project of French President to "stifle" the French industry with "higher taxes" to meet the commitments of deficit reduction. And the Süddeutsche to wonder: "This redistribution will she businesses more competitive? France hopes she and create jobs? There is not the beginning of structural reform, although growth and employment are government priorities. "
After offering to support Holland cosmetics, its allies the German Social Democrats were quick to rally Merkel and her fiscal pact, the meager concessions on price growth. The optimists continue to hope that he will develop into a social democrat in the best French … Meanwhile, the first bars of Holland have at least found favor with Sahra Wagenknecht, the muse of former communist Die Linke, which rents its course "no fault".
New setback for the fiscal pact
Germany aims to be exemplary in the development of the rescue mechanism of the euro. But Merkel has to accommodate an unfortunate mishaps in the ratification of the fiscal pact and MES (European Stability Mechanism). The German Constitutional Court has asked the president of the Federal Republic, Joachim Gauck, to postpone his signature in order to consider an appeal against the text of the radical left, Die Linke. Gauck has granted the request of the Elders of Karlsruhe, whose judgments Eurosceptics increasingly concerned about Berlin.
This delay will prevent the entry into force of the MES in early July, as planned. German Parliament's vote is expected on June 29, after the Chancellor has managed to rally the opposition. But without the signature of President Gauck, the text approved by Parliament has no legal significance. The signature may not be made until the appeal has been reviewed by the Constitutional Court, which should take two to three weeks.
The implementation of the MES is especially important that this mechanism will be used to help the Spanish banking sector once it is activated. Meanwhile, the euro area will use the EFSF.
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