Germany at odds with euro partners over crisis resolution

That stance cannot continue, argues Simon Tilford of the CER. 'Germany faces a choice. It can stick to its guns and preside over the currency union, in the process sacrificing much of its post-war investment in an increasingly integrated Europe. Or it can put forward a workable quid pro quo for saving the euro ... In return for tougher fiscal targets and sanctions for missing them, Germany should end its opposition to the ECB acting as lender of last resort and agree to a gradual move to debt mutualisation,' Tilford suggested.