THE BLOG

Bonjour, Merkel

06/01/2012 09:22 am ET | Updated Aug 01, 2012

Less than a month after France chose her new president, Francois Hollande, and few months before Germany starts her own elections campaigns, Europe is dealing with a collapse of more and more countries in the eurozone. Now, the question is what's likely to come next.

Europe's economic crisis is well-known around the globe.

After former French president Nicolas Sarkozy left the Elysée, Europe was anxious to know what France's new socialist president would have to say about the developments in the current crisis. Hollande has to sit with Chancellor Merkel and think of reforms that can help Europe have a little breathing room.

There is no doubt that the U.K. is a big "winner" in this crisis, and the country is a leading position to overcome the crisis.

Only a consensus between Europe's great economies (France, Germany and the U.K.) can actually give a birth to reforms that can help create jobs, reduce unemployment and show a unite policy in regards with countries that don't play their role in the agreements. There should be a gathered voice of the leaders to deter those who oppose the agreements that eurozone needs.

The eurozone had a very good start. Economies of eastern countries became stabilized and put themselves into 21st-century terms, borders were no longer barriers and people found jobs. But now, after great changes in the European society, starting with immigration (which became a big issue in many elections), people were unwilling to work hard for such low salaries. There should be a policy that will cover events like the crisis in eastern Europe in the future and help people deal with them.

It is up to Merkel and Hollande to get the job done. British PM David Cameron has to support any agreement between the two leaders, so that not just Europe gets out of the mud, but also the entire world.

It was R. Daniel Keleman who summarized the situation in his article in Foreign Affairs Magazine: "There are no quick escapes from the eurozone's predicament. Divorce is no solution. Although some economists suggest that struggling countries on the periphery could leave the euro and return to a national currency... No country would willingly leave the Eurozone."