Press

The Germans believe that "the structure of the eurozone is fine, all you need to do is cure errant behaviour within it," says Philip Whyte, senior research fellow at the CER.

"La mutualización de la deuda por sí sola no salvará al euro, pero sin ella es improbable que la zona sobreviva intacta", señala un reciente informe de Simon Tilford, economista jefe del CER, un instituto de estudios con sede en Londres.

Katinka Barysch, from the CER, says that "many in the German government say that leadership consists of spreading Germany's 'stability culture' throughout Europe. They point to the fact that Greece is implementing reforms that were unthinkable until recently, that Italy is now run by a man who praises the strength of the German model." She goes on to argue that the Germans do not want to be the ones who impose austerity and reforms on their neighbours. "They clearly do not enjoy being unpopular."

"Belgium hasn't had a government for so long, and in a county as decentralised as Belgium, there's a need to form a federal government," said Simon Tilford of the CER.

Charles Grant from the CER draws a similar conclusion: "Germany is emerging," he said, "for the first time in the EU's history as the unquestioned leader. France is having to adjust to a subordinate role".

"Alemania se enfrenta a una disyuntiva. Puede seguir usando sus armas y dominar totalmente el terreno en la eurozona, o puede trabajar para qué exista una relación equilibrada entre los socios europeos que permita salvar la moneda única", afirma Simon Tilford, analista del CER.

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.

In a recent paper [Why stricter rules threaten the eurozone], Simon Tilford argues that imposing additional rules rather than creating a federal framework to allow the eurozone to commonly transfer or borrow money, as can be done in the USA, will end in disaster.