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Flassbeck: This is completely false. It has made a monetary union with an inflation target of two percent. This is an implicit obligation to keep the wages to about two percent higher than the productivity. Germany is still solid underneath and has operated a policy of deflation, so to speak, without telling the others. Thus, Germany, almost the sole winner, while almost all others suffer less. This has nothing to do with saving: This was and is a clear violation of the spirit of the monetary union.

fairleft

by fairleft (fairleftatyahoodotcom) on Thu May 6th, 2010 at 10:50:53 AM EST
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