Merkel’s modus vivendi has always been to go slowly, to wear her opposition out, and to wait. This strategy, which enabled her to become Chancellor, will be her undoing. The markets don’t wait. Treaty reform and even the idea of deeper fiscal union are sideshows to the real event. Unless Merkel agrees to the ECB becoming lender of last resort fast, the eurozone as a whole could suffer immeasurable damage.
Merkel Warns Solution to Europe’s Crisis Will Take Years (Washington Post 12/2/11)