German Chancellor Angela Merkel gives a statement regarding the coup attempt in Turkey, at the chancellery in Berlin, Germany, Saturday, July 16, 2016. (AP Photo/Markus Schreiber)
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When the chips are down in Europe, everyone turns to Angela Merkel for a solution.Since last month's shock British referendum vote to leave the European Union, all eyes have been on Berlin to indicate a way out of danger for the 27 members who will remain.Lamenting that ever more citizens doubted Europe's ability to deliver a better future, they called for a more federal Europe with the European Commission as its government, and a more flexible, growth-friendly economic policy turning away from austerity to investment in an "industrial renaissance".Schaeuble said those calling for a bold federal leap forward in integration had failed to understand the public disenchantment with the EU that fueled the British vote and is driving nationalistic Euroskepticism elsewhere in Europe.Schaeuble is blocking the next steps forward in eurozone risk-sharing – the creation of a European bank deposit insurance system and of a fiscal backstop for the currency area's single resolution fund to help wind down failed banks.Restructuring Italian banks' bad loans and forcing investors including retail savers to take losses before any public money can be injected under the EU's new bank recovery and resolution rules could trigger precisely that kind of post-Brexit shock.
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