Margarita Mathiopoulos is with her back to the wall because of her ongoing plagiarism investigation. I guess she’s first among the Transatlanticist wing of the German foreign policy elite to put it that bluntly:
If it fails, the blame will be on Germany. … All eyes are on Berlin. There is a strong, if silent, expectation in European capitals — as in Washington — that Germany will not forget its historic obligation to those who helped it rise out of the ashes of World War II and reunite.
… and pulls a Schmitt (Carl, that is):
First and foremost, Merkel and Sarkozy can and should declare that the euro zone is in a “state of emergency.” This would allow them (…) Although this would require revising the Lisbon Treaty, a state of emergency would make it possible to take action immediately.
…and asks to give the Germans some boots that are not made for walking:
Germany will only agree to the introduction of eurobonds to spread the responsibility for government debt across the euro zone if sinning countries can be punished.