Angela Merkel Scores Big On Euro-Zone Financial Governance

RedTracker| The Economist reports that German chancellor Angela Merkel rounded off a ‘remarkable victory’, turning around members of the European Union who were universally opposed to German’s demand to reopen the EU’s treaties as a way of strengthening fiscal discipline among members of the euro zone.

“I am on the whole quite satisfied with the decision,” said Mrs Merkel, whose tactics were called everything from ‘persuasive’ to ‘bullying’. As a result, the Chancellor succeeded in securing her main objective: the creation of a “permanent crisis mechanism” to resolve the debt of countries that may be hit by a Greek-style crisis in future.

By the slow-moving standards of the EU, this happened in an eye-blink. It is a testament to the authority of Mrs Merkel, as well as the power of Germany’s constitutional court in Karlsruhe. via The Economist