by Michael Collins, Investment Commentator at Fidelity
June 2013
No person is better placed to save the euro than the chancellor of Germany. A pivotal point for the euro will arrive in September when German voters choose a leader for Europe’s strongest economy who will sit atop a coalition that will probably decide the currency’s fate.
Angela Merkel, the leader of the Christian Democratic Party, is favourite to be re-elected to a third, four-year term as leader of the biggest party in parliament. But if Merkel retains power – a feat no other leader of a major European country has managed since the crisis began – it will most likely be at the head of another coalition. To avoid any electoral mishaps while protecting the euro, she must persist with a schizophrenic political act that sits across Germany’s flawed strategy for saving Europe. Merkel’s political ploy is that to the world she must portray an image of a Germany that will do almost anything to save the euro. At the same time at home, she must make Germans think that her government is only offering limited help for struggling Europe.
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