Merkel is not a fan of reflation and cheap money then

Angela Merkel is none too pleased with the fiscal response in some countries to the global financial crisis.

Ft.com reports her comments on the various reflations that are going on to the German Parliament

"Excessively cheap money in the US was a driver of today's crisis,I am deeply concerned about whether we are now reinforcing this trend through measures being adopted in the US and elsewhere and whether we could find ourselves in five years facing the exact same crisis."

Now I wonder to who she is referring