All eyes on Germany as future of European integration in jeopardy
Europe's moment of truth is upon us. Above all, it is a moment of truth for Germany. The ultimate decision on whether to save the euro in its current form, reconstitute it in more sustainable guise, or let events run their course in disorderly exits and defaults, lies not with Europe as a whole, but with its economic powerhouse -- the industrial heartlands of Germany.
Events are moving at such a pace that the scheduled agenda for tomorrow's summit of eurozone leaders -- a second bailout for Greece -- looks not just behind the curve but almost wholly irrelevant.
As long as the crisis was confined to the smaller countries of the European periphery -- Greece, Ireland and Portugal -- it could be presented as a relatively contained, balance of payments problem affecting a comparatively minor part of the European whole.