- Dec 31, 2011
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http://www.bloomberg.com/news/2012-...ds-merkel-a-tough-s-merkel-a-tough-sell.html
The German Economy is thriving because of Merkel's reforms.
Yet: Obama has joined European leaders who chafe at Merkels prescription of budget austerity. While Germany may back expanding EU job-creation projects, Merkel balks at proposals for greater deficit spending or underwriting the entire currency unions debt with joint bonds, even as the turmoil risks driving Greece out of the euro and Spain to seek aid for its banks.ell.html
The Merkel government is really getting sick of all the complaining and lecturing from the Obama administration, Fredrik Erixon, head of the European Centre for International Political Economy in Brussels, said by phone. Its really infuriating for them to hear someone like Geithner lecturing Europe on what it has to do given all the U.S. problems like the debt and the deficit.
The U.S. may be more vulnerable than Germany, which has bucked the crisis. German unemployment is at a two-decade low of 6.7 percent and the economic growth that helped the euro area avoid recession is lessening Merkels incentive to change tack as Germany heads toward its own election next year.
Why is it that the Obama Administration and Western Europe lack the common sense to fix their economic problems? The answer is quite clear.
The German Economy is thriving because of Merkel's reforms.
Yet: Obama has joined European leaders who chafe at Merkels prescription of budget austerity. While Germany may back expanding EU job-creation projects, Merkel balks at proposals for greater deficit spending or underwriting the entire currency unions debt with joint bonds, even as the turmoil risks driving Greece out of the euro and Spain to seek aid for its banks.ell.html
The Merkel government is really getting sick of all the complaining and lecturing from the Obama administration, Fredrik Erixon, head of the European Centre for International Political Economy in Brussels, said by phone. Its really infuriating for them to hear someone like Geithner lecturing Europe on what it has to do given all the U.S. problems like the debt and the deficit.
The U.S. may be more vulnerable than Germany, which has bucked the crisis. German unemployment is at a two-decade low of 6.7 percent and the economic growth that helped the euro area avoid recession is lessening Merkels incentive to change tack as Germany heads toward its own election next year.
Why is it that the Obama Administration and Western Europe lack the common sense to fix their economic problems? The answer is quite clear.
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