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Germany's Merkel Sees EU Marathon

Angela Merkel of Germany does not expect the eurozone crisis to end soon. She calls it a marathon. In an address before her parliament, Merkel said as she refered to the future “But they also say that you can get to the finish if you are conscious of the magnitude of the task from the very start.”

Merkel may believe that the crisis will go on indefinitely, and is probably right. It raise once again what Germany’s role in the region will be. If the crisis carries on for another decade, some set of nations, the IMF, ECB, or a combination of them, will likely need to supply $2 trillion some analysts say. This would not only bail out nations like Greece, Italy, and France. It would recapitalize banks nearly ruined by their sovereign holdings and a flight of capital to safe havens like US debt.

Merkel knows that Germany will be at the core of any longer term solution. She has already indicated she will extract at least a harsh system with sanctions on those nations which have large deficits