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MERKOZY is commonly used as a shorthand term for the supposed duopolisation of European decision-making by Germany and France during the euro crisis. But there has been no such two-state dominance. The two disagree on most issues, and Germany has almost always got its way. Berlin’s way has been to do as little as possible at the latest possible moment. Germany has got its way despite its positions on almost every aspect of the response to the euro crisis putting it in a minority among the 17 members of the euro bloc. Sometimes it has been in a minority of one.