Rather than attacking Ms Merkel, those outside the eurozone who want to play a constructive role should aim their fire at the political élites in Member States that continue to block reform, writes Nixon in his WSJ column.
They should demand to know why even now Spain has still not fully restructured and reformed its broken banking system; or why Greece has still barely sacked a single civil servant or privatised a state-owned asset. They might ask what exactly Mario Monti has achieved as prime minister of Italy? Before taking up his post at the ECB, Mr Draghi set out the reforms he believed Italy needed to restore its competitiveness, but how much of this agenda has been delivered? How many closed professions have been opened up? How many pointless regulations repealed? Why does Italy still have 8,000 administrative regions when the US can get by with only 3,000?
Mr Monti sometimes acts as if he believes simply not being Silvio Berlusconi automatically gives him the moral authority to demand Germany underwrite Italy's debts while offering very little in return. Now that Spain has been forced to seek a bailout, Mr Monti's lack of progress is likely to come under increasing market scrutiny.
The tragedy is that Europe has yet to produce a single Margaret Thatcher as a result of its crisis. Ms Merkel has worked valiantly to give Europe a "Thatcher moment". With hindsight, it is hard to think of much she could have done differently during the crisis, given the obstinate refusal of many eurozone countries to embrace reform. The logic of the crisis may yet force her to concede further fiscal and political union without the safeguards she seeks. But until then surely the only rational response of anyone who believes in the moral superiority of free markets and transparent governments is to offer her their full-hearted support?
That President Obama has chosen to lecture Germany is perhaps less surprising given his own political situation. But Mr Cameron's decision to follow the US leader down this path is profoundly depressing. If the leader of Mrs Thatcher's own party is not prepared to speak out against corruption, vested interests, economic inefficiency and closed shops, what hope for Europe?
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