Congratulations Chancellor Merkel

Today, Germany's parliament approved expanded authority for bailing out Eurozone countries in crisis (see here). It represents (a) a tremendous political victory for Chancellor Merkel, who proved that real leadership sometimes requires action against the weight of  public opinion, (b) a vital and substantial step toward ameliorating the sovereign debt crisis that has threatened the very existence of the European Union, and (c) an indirect boost to President Obama's reelection prospects, given the effects of European market instability on the US economy.