Report
Germany’s only objective: To promote its industry
Germany's economic policy has primarily been aimed at promoting its industry. This has resulted in: Deregulation of the services labour market, to lower the price of services consumed by industry; Opening up Europe to Eastern European countries, to offshore industrial segments to countries with low labour costs; The use of coal and natural gas imported from Russia, to ensure that industry had cheap energy; Europe’s across-the-board free trade policy, so that German industry could boost its exports; A very large sector of public banks being maintained, which finance industry in a privileged manner. With the benefit of hindsight, some of these choices can be criticised today, in particular labour market deregulation, dependence on fossil fuels and Russian natural gas, free trade, and the lack of consolidation in the banking sector.
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Natixis
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Patrick Artus
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