Telegraph: Germany coming up fast in Euro race - by Ambrose Evans
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Germany coming up fast in Euro race - by Ambrose Evans
Berlin has "declared war" on southern Europe by refusing to back desperate pleas for a weaker euro – by which is meant a tilt towards looser monetary policy. Indeed, it is strangling such efforts.The clash is a foreseeable result of strapping together Europe's two ancient cultures – each with different wage systems, trade patterns, economic cycles and sensitivities to interest rates – in a premature currency union without a central treasury. And doing so in an entirely political bid to force the pace of EU federalism, against the warnings of the European Commission's economists.
