The shift underscores Merkel’s journey from scientist to dominant crisis manager amid unprecedented economic and financial turmoil that has thrust her to the fore of Europe’s policy response. Merkel’s convergence with the European Central Bank and her attempt to bury the hatchet with financial markets came as concerns of an imminent euro break-up ease. The euro had its biggest rally since October against the dollar last week. Spain and France sold bonds at lower yields on January 19, the latest debt auctions this year to signal an easing of the crisis, at least for now.
That contrasts with the antagonism she expressed 12 months earlier. “It is true that there is a kind of battle over what power the financial markets have and how much room for policy making the politicians have”, she said in a November 18, 2010, speech. At stake is “what we call the primacy of politics”. As Merkel’s approach has shifted, the faces surrounding her at EU summits and in the glass-and-concrete chancellery in Berlin have changed too.
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