Coffee House

Whatever it takes to save the euro

30 July 2012

In case you were in any doubt about how committed eurozone leaders are to the survival of the single currency, Angela Merkel has put out another statement on doing ‘everything possible to protect the eurozone’, this time with Italian Prime Minister Mario Monti. The pair had a phone conversation on Sunday and their remarks follow the joint statement released by Merkel and François Hollande on Friday, and Mario Draghi’s announcement last Thursday that the European Central Bank would do ‘whatever it takes’ to protect the euro.

The markets are looking forward to something decisive later today as US Treasury Secretary Tim Geithner arrives in Europe to meet German finance minister Wolfgang Schaeuble and then Draghi later on.

But Merkel has not swept up her own country with her in her enthusiasm to preserve the eurozone. A poll in German newspaper Bild Am Sonntag found that 51 per cent of Germans thought their own country should leave the euro, while 71 per cent called on Greece to leave the single currency if it does not meet its austerity commitments. They are considerably less committed to doing whatever it takes to save the euro, partly because a lot of the burden of doing whatever it takes would inevitably fall on their own country.

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  • embaggs

    The Euro should be dropped. World finance and trade is a one on one business where the state has authority. A group of countries cannot sensibly be successful when 5 or 6 of the 17 are failing and have to be bailed out on a continuous basis. The telling point is not that 51% of Germans want out of the Euro. It’s the minor 29% that support it that is the problem. Lets face it, 71% don’t or feel that it is a lost cause. A bailed out country is much akin to members of a family that are too lazy to look for a job or try anything useful. They stay that way because mama keeps paying out. Leave them to their own devices and let them solve their own problems. Keeping up the farce just ruins your own country and Merkel should be wary of that as should other leaders, especially Cameron.

  • roger

    To save the current eurozone Merkel would have to give over control of German monetary and fiscal policy to the system run by non-Germans, it can’t happen by law so it won’t be saved.

  • tele_machus

    Do you really believe the greedy Krauts bathing in the export boom from the Euro(a devalued Mark) will give up their ill gotten gains to help the poor and now starving of rural Greece and Spain

    • SPF50

      The Euro is just the Deutschemark anyway, with the name changed. They would never have gotten the Italians and French to use the DM.

    • Noa

      Given that Frau Merkel is ‘seriously disturbed’ by her presumptuous electors objecting to her subsidising the corpse that is the Eurozone, we can now have a serious expectation of the Germans themselves throwing out either the Greeks and Spanish, or the Euro.

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