The German Paradox
The events of the weekend of July 11-12 may come to be seen as a turning point in the euro crisis. In particular, the threat of an enforced “time out” for Greece may have turned what was a currency union into a fixed exchange rate regime. The question that Europe has been asking for five years, and that has now become even more urgent, is: what does Germany want? Finance Minister Wolfgang Schäuble may be trying to provoke a crisis to force through further integration for which there would otherwise be little support. Schäuble, whose popularity in Germany now exceeds that of Merkel, can be thought of as a “pro-German European” who wants a more integrated Europe along German lines. This could mean an EU in which all the important decisions, particularly about economic policy, have been removed from the realm of political debate and democratic control.
This Op-Ed was originially published in Spanish.