During the Eurocrisis, Germany has provided and sustained policy leadership sequentially: first nationally, then together with France and finally in conjunction with the European Central Bank. While attempting to establish legitimate and effective crisis management institutions based on the principle of conditioned support, the Merkel government’s crisis response was driven by cross-cutting role expectations from domestic actors, i.e. the Federal Constitutional Court and the exposed German banks, as well as external role demands by Eurozone members, the ECB and international financial market actors.
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