• Trump blew up the G-7 meeting over climate change.
  • Angela Merkel’s response signals massive change in US/EU relations.
  • Merkel’s stewardship of the eurozone will foment a sovereign debt crisis.

German Chancellor Angela Merkel will preside over the end of the European Union. Her reaction to the G-7 meeting and U.S. President Donald Trump’s refusal to endorse the Paris Agreement on Climate Change will accelerate the market’s rejection of EU policy.

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