Report
Patrick Artus

In the area of the economy, Germany has never acted in a "pro-European" manner

It is important to realise that in the area of the economy, Germany has never acted in a positive manner for the other euro-zone countries. From 2000 to 2006, the goal of the internal devaluation policy (reduction in labour cost and in companies' social contributions) implemented by Gerhard Schröder was for Germany to gain competitiveness and market shares against the other euro-zone countries; Since 2012, Germany has preferred to lend its savings surplus to the world outside the euro zone, rather than financing investments in the other euro-zone countries, which is slowing euro-zone growth in the short and long term. The probability that Germany now will choose cooperative economic policies with respect to the other euro-zone countries is therefore very low.
Provider
Natixis
Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

 

Analysts
Patrick Artus

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