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In the first part he's (like others in charge of policy) looking for an excuse to explain why "reforms" aka wage suppression aren't working: too little, too late. Though behind the reasoning he seems uneasily aware that building exports on wage cuts at a time of private-sector deleveraging and recession is... difficult. Yet only exports, he says, can save the economy...

The final paragraph contains some more reasonable points. One is suggesting an anti-recession responsibility for the ECB and admitting that, if there's deflation in the periphery, Germany has to accept inflation. The other is European-wide long-term investment in infrastructure, example energy.

So not entirely in(s)ane.

by afew (afew(a in a circle)eurotrib_dot_com) on Fri Feb 17th, 2012 at 10:37:31 AM EST
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