German trading ban exacerbates EU political divisions

Press quote (Reuters)
19 May 2010

"This sends a very unfortunate message," said Simon Tilford, chief economist at the Centre for European Reform, a London-based think tank. "It again suggests that the Germans are no closer to understanding that the markets are not the problem here. The markets are right to be uncertain about the sustainability of the eurozone in its current form. … What is specific to Germany is a readiness to make unilateral announcements on things that would only be doable if they were done collectively," said Tilford. "It's pretty populist stuff. It's very difficult to imagine the French doing something like this, making this sort of unilateral decision. … The Germans seem to feel that there is little understanding of where they are coming from. This shows a growing frustration in Germany, that they are finding it very hard to convince others of their case... It's worrisome."