Misconstruing Germany Will Prove to Be Death of the Euro

Nov. 20 (Bloomberg) -- When I go from one European capitalto another, talking to officials and senior politicians aboutthe future of the euro, Germany feels less like another countrythan a different planet.

In Madrid and Dublin, a euro-area banking union -- theprerequisite for bailing out banks directly -- is discussed asif it were a foregone conclusion. Both Spain and Ireland arehoping their governments ultimately won’t have to finance therescue of their banks alone.