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Running the euro zone: Pact of uncompetitiveness
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The pact of competitiveness is designed to bring a closer integration of the eurozone. It includes proposals for increasing the retirement age to 67, ending indexation of wages to inflation, and involvement of other eurozone countries in controlling out of control deficits in some countries. Germany sees this as necessary to convince the German public that financial responsibility is being exercized by countries in budget crises that get help from Germany. This may buy time but it does not come to terms with the reality of Greece being insolvent already, which may be true also for Ireland and Portugal. Some experts see the need for debt restructuring, and the need to start early, especially if Germany is unwilling to make large transfers to these countries.
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German chancellor Merkel's own experience with the integration of east Germany- the price paid and the effort needed from both parts of Germany- is relevant to the project for building a tighter framework for the European Union. A special reunification tax generated 1.7 trillion euros to finance the effort and rebuild the eastern part of Germany.
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For Some Germans, Unity Is Still Work in Progress
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Merkel Taps Adviser to Head Bundesbank
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Germany's economy: Angela in Wunderland
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The European Union plans for aid to Greece.
02/10/2010
Resistance in Germany to bailing out Greece.
Grouped Articles
Germany Clears Rescue for Greece
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Athens's Love Affair With the Euro Persists
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Germany, Forced to Buoy Greece, Rues Euro Shift
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Berlin's Wall Around Greek Ruins?
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Shifts in German public opinion to bailouts of other European countries
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Grouped Articles
Germany reaps rewards of entitlement cuts - The Washington Post
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Collapse of Greek Bailout Deal Brings Surprise Boost to German Coffers
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Merkel’s German Critics Say Greek Bailout Was Doomed From Start
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Debt crisis tests German ties to euro
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Merkel's Defense of Euro Forged in East Germany
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Krugman on economic policy and prospects for Europe in 2011-2014
01/11/2010
Grouped Articles
New York Times 11/10/2013
How Righteousness Killed the World Economy
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The Road to Economic Crisis Is Paved With Euros
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Running the euro zone: Pact of uncompetitiveness
Economist 02/12/2011
New York Times 05/22/2011
The Sarkozy-Merkel meeting in Deauville, France, October 18, 2010, that sets the stage for a closer union for the EU.
12/27/2010
Germany and France make the momentous decision to move forward with a closer fiscal union of the 16 nation European Union. The efforts to build anew the conditions for the Euro to succeed. The vision of a united Europe persists.
Grouped Articles
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German reaction to the debt crisis in Greece, Portugal, Spain and Italy.
04/09/2009
Germany said to be turning nationalistic in this crisis, seeing Germany's economic successes as its own, and not accepting the advantage of export markets in Europe in strengthening Germany's economic position.
Grouped Articles
Wall Street Journal 03/03/2010
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Germany's Surplus Isn't the Problem
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How Italy's ENI Vastly Boosted Oil Output
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Greek Crisis Shows How Germany’s Power Polarizes Europe
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Angela Merkel's handling of the financial crises in eurozone countries
04/29/2010
The German response to the debt crisis in the eurozone and the events in 2011-2012.
Grouped Articles
As Greek Drama Plays Out, Where Is Europe?
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Merkel Wins Big in German Election
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Germany's Surplus Isn't the Problem
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John Cochrane and other experts give a no-nonsense view of the bailouts and the financial crises facing Europe
12/02/2010
Insights that the real problem is short term debt financing. The need for the EU to insist on long tem debt financing for governments in Europe. The solution for this crisis is not in bailouts of Greece, Spain, Italy and so on, but to swap the short term debt for debt with longer term maturities, and for bondholders to take a haircut. Similiar to the Brady Plan for Latin America in the late 1980's. The bailout of Ireland in reality not a bailout of Ireland, as a bailout of German and British banks that made risky loans to Irish banks and the Irish government. The U.S. government's debt also tilted to short term debt and problems similar to European problems.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
'Contagion' and Other Euro Myths
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As Ireland Flails, Europe Lurches Across the Rubicon
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Running the euro zone: Pact of uncompetitiveness
Economist 02/12/2011
Wall Street Journal 03/11/2011
Europe Needs to Apportion Pain
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The Euro currency and the European Union
11/04/2008
The European Union currency since its inception and after the economic crisis of 2008-2009.
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Joseph E. Stiglitz -- Farewell to the Dollar as the World's Currency of Choice
Washington Post 09/03/2009
World Bank Head Sees Dollar’s Role Diminishing
New York Times 09/29/2009
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