Amid Europe's most serious economic crisis since World War II, Germany has taken the lead. Berlin insists on austerity as a way to reform debtor nations and as a price tag for bailouts worth billions. European nations en masse are signing up to live within their means.
On March 2, German Chancellor Angela Merkel got 25 of the 27 European Union nations to agree to hard-wire fiscal discipline and debt limits into their national laws – a quiet shift with historic implications.
The world criticizes Germany for being strong, but not leading, in the euro crisis. Now, as we start to lead, we are criticized, if not demonized. We are called selfish or Nazis. But if we are to lead, we want to use our experience, our rules, and our models. That means an austerity policy favoring price stability and cutting debt. And we don't want to be rushed; we have domestic political hurdles to surmount. German voters don't want to pay for others' excesses. They were told when Germany joined the eurozone that they would not have to bail anyone out. This is basic.
For more: Germany to Europe: Don't criticize us on eurocrisis leadership - CSMonitor.com
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