Gavyn Davies FT/Com.. Angela Merkel – lame duck or saviour of the euro?

The problem emerged, in her mind, because the troubled economies failed to follow the structural reforms, notably in the labour market, which Germany introduced under her predecessor Gerhard Schroeder. She has never even hinted that Germany deserves any blame for the crisis by extending excessive bank loans before 2008, or by pursuing tight fiscal policies and a large trade surplus thereafter.