Germany escaped its post-reunification economic slump thanks to decisive action by determined leaders, bolstered by true belief in the European project. Whether the same will happen today – when Germany is facing many of the same conditions that prevailed in the 1990s – is far from clear.
MADRID – Once the “sick man of Europe,” Germany seems to be under the weather once again. That might be putting it mildly: much as it did in the late 1990s, Germany is staring down the barrel of “stagflation” – high inflation and unemployment combined with stagnant demand and low growth. A lack of effective political leadership further darkens the outlook for Germany – and for the European Union that depends on it.
MADRID – Once the “sick man of Europe,” Germany seems to be under the weather once again. That might be putting it mildly: much as it did in the late 1990s, Germany is staring down the barrel of “stagflation” – high inflation and unemployment combined with stagnant demand and low growth. A lack of effective political leadership further darkens the outlook for Germany – and for the European Union that depends on it.