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2012-10-08

Simsalabim! Eurokrisen har en bra lösning

From the formation of the euro in 1999 to now, German unit labour costs have hardly risen.

During the euro's existence Germany´s average growth rate has been only 1.4pc, below the UK's – and below Spain's and Ireland's.
 

Whereas consumer spending has grown by about 30pc in America and the UK, in Germany it has grown by only 10pc.
 

The reason is that over the last 13 years, German workers' average real incomes have fallen by 4pc.
 

If, one way or another, the link between Germany and the southern euro member countries is broken, a return to the days of the deutschemark.
 

By reducing the domestic price of exports and imports, a stronger currency would transfer income from producers to consumers.
 

The result would be increased consumption.
 

If Germany left the euro, not only would the peripheral countries be better off, but so also would Germany.
 

Roger Bootle, Telegraph 7 October 2012

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