Germany must become responsible for its southern neighbors. Their debts should become its debts. And this largest economy in the 17-member European Union must also allow the bailout fund to become larger or better yet allow the ECB to perform fiscal functions. Otherwise the European Union and the euro may not survive.

Most countries can rely on their central bank as a lender of last resort. When you have a currency union like the euro, there are no individual central banks, only the ECB. This bank is prohibited by treaty from lending to individual countries. And when Trichet attempted to do a bond buy back, Germany frowned on that, too.

An emergency bailout fund has been created in place of the ECB having the authority to lend to countries. But it is not large enough. During the summit in July, it was given more authority and its cash reserves were raised, but it was agreed that the changes couldn’t go into effect unless all countries unanimously agreed upon them. In addition even if it is ratified it is still not enough. The fund should have 2.5 trillion euros to lend all provided by the German taxpayers.

Europe must stop its petty squabbling. That is why it could never get along before and why countries went to war. Germany should set a good example.