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First stop for new french president hollande: germany by efwegbe erergeer
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First stop for new french president hollande: germany |
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Business,Business News,Business Opportunities
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These are uncharacteristically harsh words between Germany andFrance. They refer to Merkel s insistence that austerity is thebasis for solving the ongoing debt crisis in the eurozone a course against which Europe, including France, isincreasingly pushing back. Reacting to French demands to relax herposition on saving money and put more emphasis on growth measures,Merkel told the German parliament last week that she had nointentions of changing tack. "Growth through structural reforms is sensible, important andnecessary.
Growth on credit would just push us right back to thebeginning of the crisis, and that is why we should not and will notdo it," she said. Analysts believe that, in the end, she will have to give in onsomething. I don t think we are going to see anything like the Tennessee Valley Authority in Europe, but Hollande is not alone with his call for moregrowth, says Thomas Klau, senior policy fellow at the EuropeanCouncil on Foreign Relations in Paris. Other European governmentsare picking up this call. It won t be a sea change, but it will bea rebalancing of policies.
Such rebalancing may become necessary in domestic politics, too.Merkel s Christian Democratic Union party was dealt a bitter defeat by the Social Democrats in May 13regional elections in the populous state of North Rhine-Westphalia , just the latest in a series of state elections that went badlyfor the CDU. The setback does not translate into a rejection of herEuropean course by the wider electorate, but it does mean she hasto fend off stronger political opposition on the home front. Despite that weakness, it seems unlikely that Hollande will be ableto realize his plans to renegotiate the so-called fiscal compact,the treaty that was signed by 25 EU members in March that obligesmember states to bring down public debt and present balancedbudgets. Instead, Merkel might offer some add-ons to the pact.
One senioraide to the chancellor told Reuters on condition of anonymity thatshe was "willing to talk about intensified growth andemployment strategies," but only if they didn't involve newpublic deficit spending. The chancellor's stance got support from Bundesbank President JensWeidmann, Germany s most senior central banker. Jobs and growth are created by entrepreneurs, not by centralbanks, he told S ddeutsche Zeitung . Hollande s plans to include an obligation for growth promotionin the European Central Bank 's statutes is dangerous," Mr. Weidmann said.
On a personal level, the two leaders could eventually get alongvery well, according to analyst Mr. Klau. They are both consensusbuilders, they both like to reflect and take time before they makedecisions, and they are both good listeners. They are happy to stayout of the limelight, and they share a sense of humor and irony, Klau says. I would not be surprised if Angela Merkel, after awhile, finds she is relieved to not have to deal with Nicolas anymore, and rather calls Francois her new best friend in Europe. I am a professional writer from Eggs, which contains a great deal of information about car scissor jack , windshield sun visor, welcome to visit!
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