Topic of the day: German economic policy
This Op-Ed in the New York Times echoes some themes I laid out in "Lessons We Can Learn On How Stimulus And Jobs Programs Failed in Eastern Germany" and deserves reading.
The point is not that austerity is good but rather that "Germany has… a strategy. [It] will launch… next year (unlike most of its European peers, Germany still has an expansionary budget in 2010) with saving measures representing less than 0.5 per cent of GDP." These are the words of Germany’s finance minister. The Germans are attempting to thread the needle between austerity and stimulus during a period of slowing economic growth and a sovereign debt crisis. Will they succeed? Time will tell. Also see Why I am siding with the Germans on fiscal consolidation.
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