Merkel’s great gamble

Germany’s chancellor is ignoring advice from all sides on how to deal with the eurozone crisis. If she gets it wrong, the effects will be catastrophic.

As far as one can tell, Angela Merkel suffers no serious weakness of eyesight or hearing.  Germany’s chancellor is credited with top level political skills and a pragmatic readiness to put a policy into reverse once she is convinced that a climb-down will deliver votes for herself and her party. Why, then, does she appear oblivious to arguments from authoritative sources that a radical approach is needed to underpin the euro and avert a chain of debt defaults across the eurozone? Why is she wilfully deaf to the dire messages from the markets? Why, in short, is she gambling with the future of the euro and of the European Union?

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