Even as European leaders put together their latest response to the euro crisis last week, a German-American clash over how best to manage a vast financial crisis and put the world economy back on a sound footing was set in stark relief, the NY Times reports.
Chancellor Angela Merkel of Germany defied skeptics and laid the groundwork for a deeper union that she said rights the mistakes of the euro’s birth and puts integration on a stable path for the long term. In the process, she forced German fiscal discipline on Europe as the prescription for combating the ills that afflict the region.
Yet even as the cogs of the European agreement were being fitted into place, President Obama warned in his most explicit comments on the matter to date that the European — read, German — focus on long-term political and economic change was well and good. But any changes, he said, risked coming undone if leaders did not react quickly and powerfully enough to the market forces threatening the euro’s survival in the coming months….
Read more at http://www.nytimes.com/2011/12/11/world/europe/euro-crisis-pits-germany-and-us-in-tactical-fight.html?_r=1&ref=global
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