Saturday 27 March 2010

Germany Awakes. Rules of the Game Are Changing in Europe

At its spring summit, currently being held in Brussels, the European Union is expected to present a rescue package for Greece, consisting of a joint EU-IMF solution. However, even if the EU succeeds in finding a solution, the crisis surrounding the euro has revealed that Germany is no longer willing to put EU interests before its own.

This week, the euro fell to its lowest level against the dollar in ten months, and its lowest level ever against the Swiss franc. The crisis over the euro, triggered by the budgetary problems of Greece, one of the 16 countries which use the common European Union currency, is causing political tensions between the countries of the so-called eurozone. Meanwhile, the next domino seems to be about to fall. Earlier this week the international ratings agency Fitch lowered the credit rating of Portugal, another eurozone member and the home country of Jose Manuel Barroso, the president of the European Commission.

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