Angela Merkel is being portrayed as the loser of last week’s EU summit, and she only has herself to blame after her uncompromising talk beforehand, write German commentators. The deal amounts to ‘institutionalized irresponsibility,” says one. Others call it an inevitable move to shore up Spain and Italy.
German Chancellor Angela Merkel made a major concession at the
European Union summit last week by agreeing to give the euro zone’s new
permanent rescue fund, the European Stability Mechanism (ESM), the power
to inject aid directly into ailing banks.
She was pushed into backing down by the leaders of Italy, Spain and France, and Germany’s dominance in Europe has been called into question as a result — although some analysts say she scored a victory by securing agreement to a European central supervision authority for banks, to be run by the European Central Bank.
She was pushed into backing down by the leaders of Italy, Spain and France, and Germany’s dominance in Europe has been called into question as a result — although some analysts say she scored a victory by securing agreement to a European central supervision authority for banks, to be run by the European Central Bank.
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