Germany’s Merkel is the One Constant in the EU

Five years ago today, Greece’s then Prime Minister, George Papandreou, disclosed to the world that his country was in severe fiscal difficulties. Recessions dipped and then double dipped, while debt soared. Unemployment rates, especially among young people, hit record highs in many parts of eurozone. Growth plummeted, and in many parts of the continent has yet to recover.

One constant throughout the eurozone crisis has been Germany’s chancellor, Angela Merkel. Since Merkel took office in 2005, there have been 54 different leaders atop eurozone member countries – an average of more than three per country.

Matteo Renzi was the fifth Italian prime minister to meet with Merkel. She has also seen five prime ministerial changes come and go in both Greece and Belgium.

When the chancellor was sworn in for the first time, Jacques Chirac presided over the Élysée.

In six eurozone countries there has been one change of leadership over the past nine years. Among these Luxembourg, where current president of the European Commission, Jean-Claude Juncker, was prime minister for 18 years.

None of the eurozone’s current leaders has held office as long as Germany’s chancellor.

Of the 54 leaders Merkel has met, only four have been women. There is greater diversity among the various leaders’ glasses.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza