This article is an extract from The Telegraph’s Economic Intelligence newsletter. She bears the greatest responsibility for the ‘Japanisation’ and austerity bias of monetary union. […] It is hard to think of any figure in Berlin better able to mask German hegemony and throw a reassuring comfort blanket over Europe. […] While Merkel has presided over an era of economic outperformance within Europe, it is not a Wirtschaftwunder by global standards. […] If it is in Germany’s national interest to keep the UK tied deeply into the European system – and few Germans dispute that – one can hardly argue that she made a good fist of it.
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