"If a financial curtain imposed by creditors descends on Europe, Germans will pay a high price of political and historical opprobrium. To sustain the euro, Germany has to help correct today’s destabilising imbalances by accepting a decline in its external surplus, which currently undermines the ability of others to generate the demand needed to sustain their economies. Indeed with a diminished surplus, the transfer union that so many Germans oppose would be unnecessary. But if Germany continues to run big external surpluses, a transfer union will become indispensable. Only then can Germany ensure its customers can finance the purchase of its goods. These manifold implications of a failed euro make it clear that the real issue for Germany today is not about bailing out the rest, but about saving itself before it is too late. Recent policy moves suggest that Angela Merkel may realise this. Getting Germany’s middle class to do so is one of the biggest challenges facing the chancellor as she heads towards federal elections next September."
Nicolas Berggruen e Nathan Gardels, "German middle class must save the euro" (Financial Times).
