The German parliament this week approved the country’s first minimum wage but unions and critics on the Left are not much impressed. The wage – backed by a vote in the Bundestag on Thursday – will be set at €8.50 (£6.80) per hour, which is higher than the equivalent in the US and UK. Angela Merkel’s […]
Posts Tagged ‘Germany’
The irony for the EU, which even its leaders now recognise must change course radically, is that it can’t. At least it can’t in its present structure without such dislocating changes as to be scarcely credible. The central problem has been, and remains, the single currency. As long as countries, particularly on the southern periphery, […]
There is a story popular in Germany, and often repeated in the UK, that the Greeks are being punished for their grievous financial misdeeds and the virtuous Germans are teaching them a lesson which, painful as it may be, needs to be learnt. Whilst it is true that Greece (and Greece was far from alone […]
Interview with Italian economist Emiliano Brancaccio by Peter Vernizzi translated by Tom Gill As far as austerity is concerned, even after the September elections Germany will not turn the page. The Germans have benefited from the crisis, and even if the Bundesbank itself has reservations about the general direction of European economic policy, Berlin has no interest in […]
David Cameron was recently filmed lecturing a group of manufacturing workers with the inimical advice that ‘frankly we have to be more Germanic in our work practices’. That was pretty rich coming from an old Etonian who, like George Osborne, has never had a proper job in his life. But it set me thinking – […]
Germany is widely regarded as the motor of the European economy. GDP grew by just 0.3% in the second quarter of 2012 and is barely 1% higher than a year ago. The German statistical agency Destasis speak of a continuing export-led recovery. But that is not strictly correct. German exports are rising. But because imports are rising […]
It is almost incredible that faced with the very real likelihood of a slide into world slump, as Obama is now warning, Merkel continues to parrot the reactionary monetarist mantra that “there can be no growth through borrowing”. There can certainly be no growth through prolonged austerity, though she didn’t admit that.