On September 23rd, Europe will know the name of the new German chancellor. Today’s run-up to the election is rather hot, with opponents trying to put the blame on each other for the economic shocks of the past during pre-election discussions and disputes.
Angela Merkel, the Chancellor of Germany told the audience that the current debt crisis that broke out in Greece in 2010 is Gerhard Schröder’s fault since he played a decisive role in letting Greece join the eurozone in 2001.
Still, Germany’s attempts to drag Greece and the entire eurozone out of the crisis were full of mistakes as well. Austerity which was imposed by Germany on risky debt-ridden eurozone economies only aggravated the recession, simultaneous widening the rate of unemployment.
Forex
Meanwhile, the common European currency is consolidating against the US Dollar within the 1.3200-1.3450 range. The current wave pattern allows a further rally. A break above the top of the range may well encounter resistance around 1.3450. Alternatively, a break below the bottom of the range will probably have difficulty overcoming 1.3322 and 1.3297.
