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Germany and its chancellor are charting the course for European economic policy but they're steering in the wrong direction, the daily Tages-Anzeiger writes: "What Chancellor Merkel really wants is a union of countries that take responsibility for their own fate. The European Central Bank as the lender of last resort at the helm of a true banking union , or even euro bonds , are ideas that are abhorrent to her. Despite all assurances that it will spur growth, such an austerity policy remains that of the Swabian housewife: save more, spend less, work more. In view of the gross economic discrepancies in Europe, it is highly improbable that Merkel will be successful. How are the deficit sinners supposed to get out of this mess if they have to cut salaries and government spending while they're saddled with higher interests and lack any influence on the currency?