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Europe's Austerity Backlash Gathers Steam In Merkel Test-Bloomberg

Europe needs to come together to understand that austerity without growth is not enough. While peripheral Europe cannot afford to increase their government spending, Germany as the leading nation must come forward to aid growth. This means providing more flexibility for the ECB to issue bonds assisting in the financing of EU nations, which would likely result in a depreciation of the Euro, ultimately boosting competitiveness for European multinationals companies. This assumption of other member debts is very similar to what the United States did under the leadership of Alexander Hamilton and George Washington. To be clear, no country has benefited from EU membership more than Germany, therefore the costs of maintaining those benefits is for them to get off their high horse, and realize that they must help the peripheral countries recover. It should be conditional that the countries which Germany would be helping give their best efforts in fiscal prudence, but this is the only rationale way to preserve the EU.

http://www.bloomberg.com/news/2012-04-23/europe-s-austerity-backlash-gains-steam-in-challenge-to-merkel.html