Merkel is chancellor, and she is reform-minded; we shouldn't forget that.

We may still get a deal but it may not be thorough enough.

Germany does not need abstract economic ideas; it needs labor market reforms.

I dislike the VAT hike tremendously, I don't think it's necessary.

I dislike the V.A.T. hike tremendously.

Still, the precise wording of the ECB statement on Thursday could provide some vital clues.