The Europeans are lucky, though. They have the ECB to do the job their politicians should be doing, Dr. Michael Ivanovitch writes.
In spite of its large budget surplus, Germany refuses to lead fiscal stimulus that would rev up Europe’s economic growth and employment creation.
The present generation of Europeans are lucky heirs to the wisdom and sacrifices of their elders who built the rules and institutions to manage the project of the economic and political union. With perseverance and great competence, they have crowned the original customs union of the late 1950s with the single market, the common currency and a monetary union managed by a genuinely independent European Central Bank.
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