Merkel a "First-Class Passenger on the Titanic"
Wolfgang Münchau, Financial Times | July 18, 2011
EU politicians, led by Germany’s Angela Merkel, have been too slow to realize that the eurozone crisis is the fault not of any single state, but of “a monetary union that refuses to be a fiscal union.” ++ Now, market attention shifts to indebted Italy, whose economy is buckling under high interest rates. ++ EU leaders must respond to this crisis by introducing a eurozone bond to help lower Italy’s interest rates and accelerate its growth. If this is not done quickly, the monetary union faces the prospect of an increasingly inevitable collapse.
