Angela Merkel news: The euro crisis is worse than Brexit! Superb confession before the release | World

Angela Merkel news: The euro crisis is worse than Brexit! Superb confession before the release | World

Angela Merkel became Chancellor in November 2005, maintaining the country’s position within the European Union’s largest economy and overseeing key political decisions. She will be stepping down from her post later this month. One of those key events was Brexit. Years of often exceedingly bitter feuds over a number of issues related to Britain’s departure from the EU ensued, some of which the two sides are still arguing to this day.

Brexit is seen as a blow to the EU, with activists from several other member states, including France, Italy and the Netherlands, pushing their respective countries to follow Britain out of the bloc in protest against being chained to EU rules.
But when asked at an open and frank roundtable in Düsseldorf what was her hardest moment, Merkel opted for the devastating eurozone crisis that threatened to bring the EU to its knees.

In 2009, EU member states Greece, Portugal, Ireland, Spain and Cyprus found themselves unable to repay or refinance their public debt or bail out over-leveraged banks under their national supervision.

They therefore needed help from third parties such as other countries in the euro area, the European Central Bank (ECB) and the International Monetary Fund (IMF).

The crisis has hit Greece hardest, with the country’s government admitting early on that its budget deficits were much higher than initially thought, and in 2010 Greece called for urgent external aid and received a huge EU-IMF bailout.
Eurozone members introduced a series of supportive measures throughout the year, while the ECB lowered interest rates and provided cheap loans of over $ 1 trillion to keep prices down. monetary flows between European banks.

In November 2010, Ireland received an EU-IMF bailout, followed by Portugal six months later in May 2011. Two months earlier, Greece received its second huge bailout, while Spain and Cyprus received bailouts in June 2012.

Elsewhere during the revealing roundtable, Merkel said one of her most satisfying moments in office was the adoption of the Lisbon Treaty, which was signed by EU member states in December 2007 and entered into force two years later in 2009.

It mainly amended the Maastricht Treaty, implementing a number of policy changes aimed at providing a much more solid foundation for the EU.

The German Chancellor also revealed that one of her best moments was when EU heads of state and government finally agreed to a massive coronavirus bailout after months of bitter wrangling.

When asked if she was leaving office with a clear conscience, Merkel replied with a very clear ‘yes’, adding to the audience’s applause: ‘I think I have made my contribution’.

Very little is known about what the German Chancellor will now fill with her time after endless days and long hours during her more than 30 years in politics.

When asked what her future held for her, Merkel replied: “Do I want to write? Do I want to talk?

“Do I want to go hiking? Do I want to be home? Do I want to travel the world?

“For that, I decided to do nothing for the moment and to wait a minute to see what will follow. I think it’s very fascinating. “

Additional reporting by Monika Pallenberg.


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