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Friday, November 25, 2011

TGI Freitag

At Open Europe, Friday afternoons, for some random reason, is German polling time (see here). This afternoon, we have good news for German Chancellor Angela Merkel: her tough approach in handling the eurocrisis is apparently paying off back home.

A poll published by ZDF today shows that, in line with Merkel's thinking, 79% of the German respondents said they are against the introduction of eurobonds. Only 15% said they are in favour of eurobonds.

In October 2011, when ZDF conducted the same survey, 46% of the respondents believed the Chancellor's management of the eurocrisis was rather poor. In today's survey however, only 29% said they believe Merkel is doing a bad job managing the eurozone crisis. While an overwhelming 63% said they think she's doing well. In contrast, in October's poll this was only 45%. That's a 20% increase in just over a month. We'd hazard a guess that its not just a coincidence that this rise has happened during a period where Merkel has become increasing outspoken against eurobonds and the ECB becoming a lender of last resort for sovereign states.

The German respondents were fairly split when it came to eurozone countries handing over more economic and financial control to the EU. 48% believed the EU should have more control over these policy areas while 29% wanted to keep the EU's influence as it is now. 15% felt the EU should have less to say about the eurozone members' economic and financial policy. Clearly a give and take here, with Germans keen to see other member states kept in line - adopting more "German budget rules - but concerned about their own sovereignty as well.

The results definitely give Merkel some food for thought over the weekend then, but mostly positive (especially given the recent press surrounding the handling of the crisis). To top it off the poll also reveals that, were elections for the German Bundestag to be held next Sunday, Merkel's union of CDU and CSU would receive 35% of all votes, leaving it the biggest party.

So, in case you were still confused, no prospect of eurobonds anytime soon. Merkel also seemingly scored a win over France on the role of the ECB yesterday and have now got the French, Italians, and possibly (but only possibly) Finnish and the Dutch on board for an EU treaty change.

Not a bad week for the embattled Chancellor considering.


Francesca said...

unsurprising and dangerous. It's time people understand how much Germany has benefitted from the euro and how much the euro as it is now is creating disparities and affecting other countries.

Rollo said...

The Euro is a stunningly good plan for Germany: mixing the Dmark with the escudo, drachma, peseta and the like guarantees Germany a currency lower than it ought to be for Germany; and a currency higher than it should be for every other european nation. And Germany can use this weapon to suck the continent dry.

TigerEyes said...

But Rollo - the German economy has improved and exports have risen over the past decade - yet the Euro has risen form 80c to 140c. German economy is a result of it making high value products that others want to buy. You see plenty of Mercs, Beemers and Audis in Shanghai, but few Seats or Fiats, because the Chinese can get those sort of cars from its own Great Wall Motors.

Rollo said...

Yes, Tiger eyes, It is very succesful. Germany has thrived; the other nations have sunk. Rather my point.