Germany
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Snapshot,
April 9, 2013
Margaret Thatcher re-established the United Kingdom as a major force on the international scene. But she failed to see that the best hope for Europe's future was integration.
Foreign policy realists have long found inspiration in the ideas of Lord Castlereagh, who served as British foreign secretary during and after the Napoleonic Wars. A new biography of the statesman presents him as more ideological than is traditionally assumed, and suggests that his example is more relevant than ever -- and might even hold the key to solving Europe's ongoing crisis.
Snapshot,
October 2, 2012
Germany has the strongest economy in Europe, but its financial strength does not translate into political supremacy. In recent months, Berlin has lost both allies and influence, and it will need to compromise in order to stabilize the eurozone.
Comment,
Sept/Oct
2012
Germany seems like Europe’s lone island of fiscal stability, but trouble lurks under its impressive export-fueled growth. An obsession with debt and austerity has blocked domestic investment as the country has ignored problems such as a shrinking work force and outdated infrastructure. Germany needs to borrow and spend more or face the end of its economic miracle.
Comment,
Jul/Aug
2012
If the eurozone splinters, it will have been an avoidable disaster. After all, the European Central Bank has already gone to great lengths to shore up the continent’s financial system. Now, the choice lies with Germany, which can save the monetary union if it allows for policies aimed at debt relief and growth, not just slashing deficits.
Snapshot,
June 8, 2012
Two years, three sovereign bailouts, more than a trillion euros in cheap ECB loans, and dozens of summits later, the latest developments in Germany suggest that Berlin is moving to solve the continent's crisis. But the country’s idea of a solution remains a system in which Berlin gets de facto and de jure veto power over national budgets in return for eurobonds. That misses the point: the crisis is not fiscal, but financial. It began, and it will end, with the banks.
Essay,
May/June
2012
As Europe emerges from economic crisis, a larger challenge remains: finally turning the eurozone into an optimal currency area, with economies similar enough to sustain a single monetary policy. Getting there will be difficult and expensive, but the future of European integration hangs in the balance.
Snapshot,
November 17, 2011
As the eurozone's biggest economy, it was Germany's job to stabilize the system when the first signs of financial trouble appeared. Instead, it did precisely the opposite. Whether the euro survives depends on Frankfurt finally assuming its role as leader.
Snapshot,
November 15, 2011
The euro crisis is not a simple story of Greek sinners and German saints. In fact, imposing austerity on the eurozone's periphery alone will accomplish little. To save the continent, its richer countries and private investors must share in the sacrifice.
Letter From,
October 28, 2011
Germany is mired in a counterproductive national debate on integration that threatens to alienate those who are best placed to fix the country's societal ills: educated, skilled immigrant workers and their children.
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