Editorial Board
Merkel Risks the European Union to Save ECB Credibility: View
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As the euro area walks step by sickening step toward an avoidable economic catastrophe, German Chancellor Angela Merkel continues to oppose forthright action by the European Central Bank.
She argues that it would be wrong to guarantee sovereign debt -- with printed money, no less -- and would wreck the bank’s credibility. It would also be illegal, she insists: The relevant EU treaty forbids it.