Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
A year earlier, Jörg Bibow wrote Germany Is Unfit For The Euro
...

Not for the first time in its history the German people have been irresponsibly misled by a political leadership that seems to have lost any sense of history, any sense of order and stability in Europe, and any sense of Germany's key contributing role to the current crisis. As ever, the mindset of lawyers frames the political debate among a political class that seems inhumanly uneducated in matters of economics. If economic voices are heard at all, it is usually the voice of the Bundesbank. It is a peculiar democracy that expects either its constitutional court or central bank to have the final word of wisdom.

...

Sadly enough, Germany has been central to [three stark economic policy blunders]. Germany is the biggest factor in Euroland's export dependence, growing on exports only while domestic demand, especially private consumption, is notoriously stagnant. Among the first countries to break the Maastricht deficit limit dreamed up by its own lawyers, Germany contributed most to the ECB's misses of its headline inflation mark by hiking indirect taxes. Worst of all, Germany reneged on the euro's cornerstone to abstain from beggar-thy-neighbor policies.

...

[Insane austerity in the periphery so that German can grow on out-of-EU exports] is neither what Europe needs nor what the world may reasonably expect from Europe. Sooner or later Europe may have to conclude that Germany is unfit for the euro. Let the Germans have their mark back if they are so keen. Let the new euro-mark rise to US dollars 2 or 2.50, so that the joys of stability are real. Euroland may then regroup around France. With Germany once again proving immature to provide constructive rather than destructive leadership, Europe's fate is in France's hands.



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Fri May 27th, 2011 at 02:12:49 AM EST
I knew Migeru would remember the source of the previous mention on ET!

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri May 27th, 2011 at 08:30:12 AM EST
[ Parent ]
Cloud-sourcing your data?
by afew (afew(a in a circle)eurotrib_dot_com) on Fri May 27th, 2011 at 08:54:22 AM EST
[ Parent ]
Mig sourcing.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri May 27th, 2011 at 12:05:45 PM EST
[ Parent ]
It's not the same article, just the same gist, and by a German economist

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Fri May 27th, 2011 at 01:04:46 PM EST
[ Parent ]

Display:

Top Diaries

Impeachment gets real

by ARGeezer - Jan 17
25 comments

A Final Warning

by Oui - Jan 10
112 comments

Environment Anarchists

by Oui - Jan 13
4 comments

Occasional Series