G-20

Germany vs. the Global Stimulus

One longtime US ally won't be on Obama's side at this week's G-20 summit: German Chancellor Angela Merkel says that, though she looks forward to working with Obama, she opposes a deficit-heavy global stimulus resembling Obama's economic policy. As the European Union's biggest economy, Germany's economic policy will hold great sway in the effectiveness of any unified global economic plan. In an interview with The New York Times, Merkel balanced geniality with her bottom line rejection of Obama's economic leanings: "International policy is, for all the friendship and commonality, always also about representing the interests of one's own country." Merkel remains stalwart on her rejection of stimulus spending and refusal to allow the European Central Bank to operate like America's Federal Reserve.