EU summit domintated by domestic politics

German Chancellor Angela Merkel has pushed through her demand at the EU summit that contributions to the European Stability Mechanism (ESM) be stretched over five years to 2017. Domestic political pressure was the decisive factor, writes the business paper Hospodářské noviny: "Major changes in Europe depend on domestic political circumstances. Merkel's Christian Democrats are menaced with defeat in two state elections on the weekend. They must make it even more clear than usual to their voters that they have their best interests at heart. ... While 85 percent of political leaders in Europe believe the currency is good for their country, only 38 percent of EU citizens hold the same view. This is also one reason for the rise of right-wing populists in countries like France, Denmark, Finland, the Netherlands and Germany. Perhaps the Union needs to see not just the first state bankruptcy for its economy to be purged, but also an election victory for the populists as a warning signal for its politicians."

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