On September 19, 2012 the Council hosted a debate on the euro crisis, moderated by Michael Haltzel of the Center for Transatlantic Relations at the John Hopkins University Paul H. Nitze School of Advanced International Studies. The euro crisis is the first real test of the European Union's Commitment to the economic union. Germany, the EU's largest economy, is in a position to either assist vulnerable euro economies or cut them off entirely. Both decisions have potentially dire consequences. German Chancellor Angela Merkel has received much criticism for prioritizing austerity over economic growth. Is she right to do so? Is this the best course of action? Jacob Kirkegaard of the Peterson Institute argues in defense of Germany's current policies. Annette Heuser of the Bertelsmann Foundation argues for Germany to be more generous in their policies towards.