Germany’s stance toward Europe has become one of refusal and rejection: No to a more active fiscal policy for distressed eurozone countries; no to a European investment agenda to boost demand; no to anything but a domestic budget surplus; and, most ominously, no to the European Central Bank. On all four counts, Germany is wrong.
BERLIN – Germany’s stance toward Europe has become one of rejection and disengagement. Its policymakers deny the eurozone’s crisis-ridden countries a more active fiscal policy; refuse to support a European investment agenda to generate demand and growth; have declared a fiscal surplus, rather than faster potential growth, as their primary domestic goal; and have begun turning against the European Central Bank (ECB) in the struggle against deflation and a credit crunch. On all four counts, Germany is wrong.
BERLIN – Germany’s stance toward Europe has become one of rejection and disengagement. Its policymakers deny the eurozone’s crisis-ridden countries a more active fiscal policy; refuse to support a European investment agenda to generate demand and growth; have declared a fiscal surplus, rather than faster potential growth, as their primary domestic goal; and have begun turning against the European Central Bank (ECB) in the struggle against deflation and a credit crunch. On all four counts, Germany is wrong.