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 […]
Posts Tagged ‘Germany’
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.
The European project began at the end of the World’s most devastating war because Germany (with the support of France) wanted to put its past behind it. Now an age of austerity is being inscribed into the foundation of a European super-state because Germany (with the support of France) wishes to put its future first. Fiscal […]
So European politicians want to shoot the messengers? Sure, ratings agencies haven’t always been reliable, decent or honest. And sure, like Eurozone politicians Standard & Poor is just following events, not shaping them. But on this occasion S&P’s analysis, if not their solution, is right. Credit Crunch 2.0 is fast accelerating and squeezing life out of […]