Following this week’s summit in Washington between U.S. and EU officials, it has become increasingly clear that only one actor truly has the ability to lead any solution to the debt crisis: Germany’s Angela Merkel. In his essay Heroine or Villain?, Alexander Privitera, Washington-based Special Correspondent for the German news channel N24 and frequent AICGS contributor, examines Chancellor Merkel’s actions in dealing with the crisis and lays out her available options.
As the political mindset in Europe begins to change – both among the newly appointed Greek and Italian Prime minsters, or among the incumbent Merkel and Sarkozy – the questioning of each leader’s commitment to Europe will only increase. According to his essay Leadership and Democracy, Alexander Privitera, Washington based Special Correspondent for the German news channel N24 and frequent AICGS contributor, explains that all European leaders are approaching the point at which they will have to make very unpopular decisions. In particular, Angela Merkel could be tested very soon.
Will Italian Prime Minister Silvio Berlusconi resign as promised, and if so, what will become of Italy in his wake? Born and raised in Rome, Alexander Privitera, Washington based Special Correspondent for the German news channel N24 and frequent AICGS contributor, attempts to explain what the likely scenario could be if, and when, Berlusconi steps down in his essay Nightmare in Rome. Having witnessed his rise to power in the 90s, Mr. Privitera argues that Prime Minster Berlusconi’s fall from power will lead Italy down a tough and uncertain road.
What has the latest round of market turbulence told us about the Euro crisis?
First, that nobody in the Eurozone is safe from contagion.
Second, the politicians are finally realizing that things can get much worse much faster than they ever thought possible.
And finally, that Angela Merkel may yet achieve her goal of closer European integration – with the help of the financial markets.
Chancellor Merkel has long been distrustful of the markets − and the feeling is mutual. Both have blamed the other for an ever-deepening crisis across Europe. More recently, though, both sides might have woken up to the fact that becoming allies would not be that outlandish.
In his essay entitled The Trojan Horse, Alexander Privitera, Washington based Special Correspondent for the German news channel N24 and frequent AICGS contributor, examines how the approach to fixing the European debt crisis has changed. The recent political developments in Greece, along with a growing concern over Italy, have led European leaders to realize they may now have to save the euro from member nations, not save member nations for the euro.
In his essay Saving the Euro, Alexander Privitera, Washington based Special Correspondent for the German news channel N24 and frequent AICGS contributor, explains how the recent plan announced by Europe’s leaders has signaled a major shift in their view of the crisis. By recognizing some of the major issues facing Europe, EU leaders have finally shown that they are actually willing to save the euro zone.
In his essay entitled The Banking Crisis, Alexander Privitera, Washington-based Special Correspondent for German news channel N24 and frequent AICGS contributor, explains how Europe’s fiscal problems are not just the result of a sovereign debt crisis, but also a banking crisis. Any solution for Europe must focus on the financial institutions across the continent just as much as the debt problems of a number of member states.
In his essay entitled The Malaise, Alexander Privitera, Washington-based N24 Special Correspondent and frequent AICGS contributor, examines the pessimistic mood growing among the U.S. population about the current state, and future, of the economy. With confidence in the ability of the U.S. economy to rebound falling, as well as the increasing failure of leaders to act, populist movements like the Tea Party may take root in the more widespread sentiment of the American people.
In his essay entitled The Upcoming Blame Game, frequent AICGS contributor Alexander Privitera explores the finger pointing being used by leaders on both sides of the Atlantic in the face of the economic crisis. According to Mr. Privitera, with elections coming up in several countries, including the U.S. and France, not only could the transatlantic blame game get worse, but we may even witness a standstill in policy-making as a whole — the last thing a pair of faltering economies can afford.
In his essay entitled Germany’s Vote Does Not Equate to a Blank Check, frequent AICGS contributor Alexander Privitera explains that Merkel and her coalition survived the latest vote on the EFSF, but that the vote may signal a line in the sand for German assistance to profligate members of the euro.