The fate of the euro area is in the hands of Germany
The fate of the euro is in the hands of Berlin, writes, “Daily Telegraph”. The decision of the Italian Parliament to adopt measures to cut government spending, less calm the market, but the crisis in the euro area is not over, says the publication cited by Cross .
British Prime Minister David Cameron said that eurozone countries must take urgent measures, not just react to what happens in the market.
First, it is vital that the eurozone to reduce its budget spending. Moreover, economists believe that the package of aid to countries that have suffered most from the crisis should be increased to 2 trillion. euros, as this will calm the markets.
But the essence of the problem is that the eurozone as a whole and Germany in particular, refuse to recognize that only the creation of monetary union can lead to certain results.
German economy is the largest in Europe. Now stands before her selection. Firstly, it can insist on a fundamental integration of the area where the EU will control budgets and taxes, as markets are concerned only the situation in some countries but not in the eurozone as a whole.
Another point is that she just might leave the eurozone.
The third option is Germany just waiting for the next financial crisis. Ireland, Greece or Italy will be able to solve their problems. Now everything is in the hands of Germany, said the publication.