Ups and downs

This week, we look at media comment on whether former British prime minister Tony Blair is the right man to become EU president. We also look at comment on the German government's announcement that it will cut taxes, as well as on the fall of the US dollar.

The wrong man?

London officially launched its campaign to see former premier Tony Blair become European Union president. But is he the right man? The Guardian is not so sure.

... Tony Blair ... has the stature to play a leading role on the world's stage. ... He even speaks French. How much more European can a British politician get? There is just one item on his CV, already impressively long for a 56-year-old, where more information is needed. It is called the Iraq war. …

On course

The new German coalition government has announced that it will cut taxes to ease the effects of the crisis. Critics ask how the German state will finance these. But Angela Merkel knows what she is doing, writes The Financial Times.

...  For those who are concerned at any hint of German fiscal imprudence, the surprise appointment of Wolfgang Schäuble as finance minister should provide some reassurance. He is a fiscal conservative with long political experience and a big beast in the Berlin jungle, as former CDU leader. His appointment means that Ms Merkel has the finance ministry under the control of an ally who is not afraid of pursuing unpopular policies. ...

Dollar worries

In the last half year, the dollar has been losing value, hitting a 14-month low against many leading currencies, including the euro. This has revived fears of a currency crash. But they are not grounded, writes The Economist.

... With the budget deficit in double digits and the Federal Reserve’s balance-sheet swollen, dollar bears are once again forecasting that the slide could become a rout and spell the end of America’s status as the world’s reserve currency. This … exaggerates the scale of the slide and misunderstands its cause. Much of the recent weakness simply reverses the earlier safe-haven flight to dollars, a sign of investors’ optimism about riskier assets rather than their fears about America’s currency. ...