Germany’s decision to guarantee bank deposits has amped up the pressure on other European nations to do the same, reports Deutsche Welle, the German broadcaster.
The move follows similar actions by Ireland and Greece. The United Kingdom has resisted following suit, but Germany’s action has increased the pressure.
“Germany is Europe’s economic superpower. Where it leads, others are bound to follow,” says Nick Clegg, leader of Britain’s Liberal Democrats. “Ireland’s action last week to guarantee all deposits made a common European approach to deposit guarantees necessary. Germany’s decision today makes it completely unavoidable.”