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The article focuses on the role of German Chancellor Angela Merkel in the euro area debt crisis in 2011. Topics include the financial crisis of the integrated European markets, German bailouts given to countries to protect the euro, and the risk of the Greek economy starting a recession in Europe. The economic development of Germany before the 2008 global recession, pressure on Merkel to stop European bailouts, and the dangers for Germany if the euro monetary union collapses are also discussed.

ON FEB. 10, ANNEGRETKramp-Karrenbauer,the head of AngelaMerkel's ChristianDemocratic Union(CDU)--andpresumptive heirto the chancellorship--announced thatshe would be resigning as party leader, aposition she narrowly won just over a yearago. AKK, as she is known, was Merkel'spreferred successor; theannouncement marks the trueend of the Merkel era. But AKK also had the badluck to be the one responsible for unitinga CDU split by the issue of refugees,a division laid bare by Merkel's 2015announcement that Germany would takein more than a million. [Extracted from the article]

The article discusses Greece's potential default on its national debt in 2012 and the criticism being aimed at Germany for its perceived lack of financial support for a Greek bailout plan. The author argues that Germany has been one of the largest financial contributors to the European Financial Stability Facility. He also states that European Union subsidies, including those from Germany, have helped Southern European countries increase their wages.

The author argues that German chancellor Angela Merkel's position against a bailout of Greece was in line with the Lisbon Treaty. He suggests that the problem is that the European Union (EU) has a common monetary policy, but not a common fiscal policy. He focuses on deficit spending and lack of microeconomic reform in much of Europe.