Most Anglo-Saxon economists join politicians in the ClubMed countries in their view that the German obsession with principles (e.g. balanced budgets, the no-bail-out clause or the prohibition of monetizing public debt) is bad for the Eurozone. Kantian “Ordnungspolitik” may be fine for the long run (or may have been fine in the long gone past […]
Where were you on the evening of November 9, 1989? Most Germans over the age of 35 can answer that question. It was perhaps the most important and certainly the most cheerful day in the history of post-war Germany. And it was a day completely dominated by the celebration of freedom. Looking at the faces […]
Germany was rightly considered the “sick man of Europe” when the Euro was launched in 1999. But when the Euro-banking-debt-competiveness-crisis broke out, the German economy miraculously emerged as a “Wunderkind”. After a short and deep decline of production in 2009 employment kept increasing to record highs; exports to emerging markets were back on the fast […]
