The Euro crisis became more and more serious over the last couple of weeks and even the future viability of the Euro currency was questioned. It is evident that problems of this scale demand for someone taking a leadership role to provide stability and reassurance in the EU community.

The blogpost Europe’s big two analyses the importance of Germany’s councellor Angela Merkel and France’s Premier Nicolas Sarkozy’s cooperation. Not only is France Germany’s biggest business partner to date, the countries are also tied together by their long history including several wars. One of the interesting facts the article brings up is that Germany focusses more and more on Asia in terms of exports and therefore establishes an economic safety that other countries, including France, are lacking as of yet. This economic foresight, eliminating geographical restraints, could be one reason for Germany to be currently considered an idol in the stricken Eurozone.

A comparison of deficits in Europe - Germany being the clear winner

France, however, faces the threat of its high debt and low R&D expenses which influences economic sustainability, leading to an increasing identification of both economy and public with the alledged “losers” of the Eurozone such as Greece. According to the article, France has maintain its self-confidence to remain an equal partner for Germany and stabilize the European community.

Sources:

1) http://www.economist.com/comment/1129830 ; Professional Business blog on The Economist.com;  21st Nov. 2011