First, it appears that she continues to buy into Hoovernomics, refusing to implement a new stimulus package, and then, shockingly, she mentions the elephant in the room, noting that the EU expanded too quickly, and needs to get its sh%$ together before adding more countries.

I think that the first opinion comes from two places, her early days as a citizen of the DDR (East Germany) makes her dubious of anything that sounds remotely like socialism, and also the institutional German memory of hyperinflation 1919-23, which afflicts Germans on both sides of what was the Berlin wall.

As to her statement that the EU needs a “consolidation phase” before any new members join, which is both correct, and a significant departure from the conventional wisdom in Europe, this is something that is easy for an outsider to recognize, like Paul Krugman, but not for members of the European equivalent of the “Beltway villagers”.

So props to the Chancellor on getting this right.