Report
Germany’s concern is understandable
It is easy for the Germans to see the considerable gap between Germany on the one hand and France, Spain and Italy with regard to: Labour force skills, The innovation effort, The quality of the education system, The corporate modernisation effort. This gap is at the origin of the divergent economic performances between Germany on t he one hand and France, Spain and Italy on the other, and its nature means that it will be very hard and take a very long time to correct. Germany therefore under s tands that for cumbersome and enduring structural reasons, the three other large euro-zone countries are going to constantly struggle : this may explain Germany’s rejection of any form of federalism, as the persistent performance gap between Germany and the other countries under a federal system would lead to very large income transfers from Germany to the other countries.
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Natixis
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Patrick Artus
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