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24 July, 2015

Thank you for your service Mr Schäuble, now please resign ...

The last weekend saw Schäuble drafting a note directed at the Greek government that basically said “either you leave the Eurozone for now or you give up your sovereignty to your creditors”. Maybe he wanted to increase pressure on the Greek government or maybe he thought that this would do the trick to push them out of the Eurozone – but he only underestimated how desperately Tsipras wanted to keep his country in.

Either way, he changed the political climate in Europe for the worse, which will not be the same for months or maybe years to come. It has been poisoned by the rhetoric of “us against them” when it should be “we together”, and Schäuble has done his part. Under the Schäuble regime the Eurozone is no union, it is a creditor-debtor relationship.

We will now have to start to clean up this mess and it will be much easier without a man, who, despite all his virtues, clearly doesn’t have what it takes to move Europe forward. There is no shame in that. There have been other examples of public figures, like CDU heavyweight Wolfgang Bosbach, or former Bundesbank President Jürgen Stark, who felt that they couldn’t reconcile their position with the necessities that come with governing the single currency and as a consequence chose to quit. So thank you for your service Mr Schäuble. Now please resign.

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