The other day I heard someone say that Angela Merkel intends to fight next autumn’s German election as the chancellor who saved Europe. Those still worried about the future of the euro will be reassured by her confidence. The crowds of striking workers who took to Europe’s streets this week to protest against austerity are less likely to applaud.

Not too long ago, Ms Merkel faced criticism for hesitancy and indecision. Radoslaw Sikorski, Poland’s foreign minister, made a pilgrimage to Berlin to demand she pick up the reins of leadership. It had been a long time since a Polish politician had called for a more assertive Germany.

Ms Merkel is now being nothing if not assertive. The individual ingredients in her recent speech to the European parliament – fiscal rectitude, improved competitiveness, deeper financial integration and eurozone economic governance – were scarcely groundbreaking. Together they represent Germany’s conditions for securing the future of the single currency. Berlin has decided that, one way or another, it cannot avoid picking up the bill. So it wants to set the terms. Austerity now and shared decision-making later is the price others must pay for German solidarity.