EU can't take any more of Merkel's austerity

German Chancellor Angela Merkel does not see the euro crisis coming to an end within the next five years. Now the time for more discipline has come, she said on Saturday at a regional conference of her party, the Christian Democrats. The liberal business paper Diário Económico calls on Merkel to assume her responsibilities towards Europe: "Merkel has once again prescribed the only treatment she knows and likes. But the EU can't take any more austerity. On one point she is right: a crisis of these dimensions takes years to resolve. ... Europe's problem is above all an economic one: it can't generate enough prosperity to pay off all the debts. The 'rescued' states that are stuck in a recession need lower interest rates and more time. ... Moreover northern Europe, which is profiting from the crisis (Germany can borrow money for next to nothing), should increase its investments in the crisis countries. ... During her visit to Portugal Merkel has the chance to show that she can lead Europe with supportive policies. Otherwise she will be digging the graves of the euro and the EU."

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