Setting the stage lights for Europe's second crisis

The success of the eurozone's stopgap measures has merely reduced the pressure to reform. Now political shifts are laying the foundations for another blow-up.

Last week, I wrote about Angela Merkel’s declining influence in Europe. For a number of domestic and international reasons, the German Chancellor can no longer enforce austerity and economic reforms in the eurozone. She is already past the peak of her power, I concluded.

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