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Wolfgang Münchau har nu begått ytterligare ett mästerstycke i Financial Times

På listan över mina Economic Gurus återfinns överst, i en klass för sig, Wolfgang Münchau tillsammans med John Maynard Keynes och Martin Wolf.

Wolfgang Münchau har nu begått ytterligare ett mästerstycke i Financial Times daterat February 20, 2011.

- While the rest of us are debating how to solve Europe’s banking crisis, and become exasperated by the lack of progress, Ms Merkel is solving a crisis in a parallel universe.  

The German narrative is the outgrowth of a lie the country’s establishment has peddled ever since debate on the single currency started 20 years ago: that a monetary union can be sustained through a simple set of rules for monetary and fiscal policy; that financial regulation and current account imbalances do not matter.

The eurozone crisis has proved this is not the case. But the conservatives cling to this old, comfortable straw.

If there is a crisis, then it must be fiscal. And austerity is the answer.


Ms Merkel is a resourceful politician. Tired of being accused of being complacent, she wanted to regain the initiative. And so she offered her European colleagues a Faustian pact: German acceptance of a higher lending ceiling for the EFSF, on condition that every member of the eurozone becomes, economically, like Germany.

To that effect, her policy advisers drafted a six-point programme of economic torture instruments.

It triggered a revolt in the European Council at a meeting 10 days ago. The concrete plan itself is now dead. Herman van Rompuy, president of the European Council, is trying to pick up the rubble.

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