The experiment German designed, German engineered and German exported with austerity has failed, writes Larry ElliottEurope has a problem and it is called Germany. The crisis that has bedevilled the single currency area for the past five years started with the smaller countries on the periphery of the eurozone: Greece, Ireland, Portugal. Then it moved to the bigger countries of Southern Europe: Spain and Italy. Next the malaise spread to the second biggest economy: France.All the time, though, the sense was that Germany the powerhouse of the eurozone was immune. Exports from the factories of Bavaria and North Rhine-Westphalia were booming. Business confidence was high. Growth was solid. While the core of the eurozone remained secure, there was nothing really to fear. Continue reading...
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