Europe is messing up Merkel’s union

If the European Central Bank's governance structure is not altered to allow German to head off crises its citizens will pay for, unhappiness will turn to fury.

Last month, Athens; next week, Lisbon: by dint of austerity tourism, Germany’s Chancellor Angela Merkel is announcing her near-term plan for the euro. So long as governments in the periphery are at least attempting to abide by the centre’s conditions, the European Central Bank will prevent cliff dwellers from toppling into the abyss. There will be drama, of course; witness the brinkmanship on Greece. But neither sovereign bankruptcy nor banking bust will be allowed to trigger a crack-up.

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