Germany to set the terms for saving the euro
Germany\’s set the terms for what it thinks will save the euro, what it hopes will save the euro.
But whether it will save the euro isn\’t in Germany\’s, or any politicians\’, hands. It\’s all of us, in our interactions in hte markets, that will decide that.
And this is a bit of a death knell for that democracy thing, isn\’t it?
\”The debt brakes will be binding and valid forever,\” said Merkel.
\”Never will you be able to change them through a parliamentary majority.\”
I\’m not particularly enamoured of politicians borrowing and spending like drunken sailors. But the idea that a German politician can tell the Poles not to spend their children\’s inheritance does rather grate.