Daily digest: Well, Germany, once again it all comes down to you

Posted on | November 24, 2011 | No Comments

Angela Merkel

Germany and chancellor Angela Merkel is still fighting the idea of eurobonds, though the EU Commission yesterday announced some proposals for a way to introduce them. (Photo by carcak1, on Flickr)

As we wrote in the daily digest yesterday, the commission introduced their proposal for eurobonds, despite heavy opposition from Germany and chancellor Angela Merkel. It’s not only the German government, with Angela Merkel in front, who oppose the idea of eurobonds. They get support from the german economic wise men. On of them calls the eurobonds for a “deadly sin”. Several rumors floated yesterday suggesting that Germany suddenly would change their mind about eurobonds – but as written above – that ends up only being rumors, at least, so far.

While we are at Germany, they had one of their worst days for a long time, in economically terms. Yesterday the worst-received bond sale by Germany since the launch of the euro happened, and this fuels market fears that the eurozone’s debt crisis has now reached ever-strong Berlin.

The leaders of the eurozone’s three largest economies Germany’s chancellor Angela Merkel, France’s president Nicolas Sarkozy and Italy’s prime minister Mario Monti are set to meet in Strasbourg today to discuss ways to “accelerate” the 17-nation bloc’s bid to calm bond markets by undertaking reforms of its financial governance.

Danish EU ambassador, Jeppe Tranholm-Mikkelsen, yesterday announced that Denmark will use it’s presidency to focus on the euro crisis, but as a non-euro country, he also announced that Denmark will do whatever they can to keep the family of 27 together.

On December 7 and 8 the European Peoples Party the biggest political group in the European Union is meeting to determine the party line on what will be done to fix the eurozone. This will be a very influential warm-up before the next EU summit on December 9.

Category: Daily Digest
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