Germany: an adjustment model not comparable to Europe

European economic crisis is a structural one that has pointed out limits of
an accumulation regime levered on wage restraint offset and excessive indebtedness
of private agents. crisis has also revealed that once a federal architecture
of the eurozone is ruled out, member States will face individual challenges
related to external account balance on the wake of inherent weakness resulting
from monetary integration, which in turns comes as an inconsistency to
economic integration logic. projecting Germany as the economic model to be
followed will head europe towards a prolonged period of low growth, making
more difcult ongoing scal consolidation. instead, Germany should stand-up
and take a sensible leadership, guiding an expansionary bias to its economic
policy to offset impact of eurozone’s peripheral countries adjustments. time
has come to put an end to restrictive economic governance and pave the way
to a european economic government.

Francisco Rodríguez Ortiz
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