Report
Patrick Artus

The French have to understand what is acceptable or unacceptable for the Germans

It is pointless to ask Germany to implement institutional changes or economic policies that are unacceptable for the Germans, for example that: Germany should have a permanent fiscal deficit that drives up its public debt ratio; Germany should accept monetisation of public debt outside crises ; It should implement a federal budget (a "transfer union") leading to permanent income transfer payments from Germany t o other European countries. One should then try to make progress on projects and economic policies that are acceptable for Germany: A common investment budget ( for risky investments to distinguish it from the Juncker plan); Common industrial projects; European cooperation in education and training; A minimum level of coordination of tax and social policies.
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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