Ciekawe rozważania o roli Niemiec w
Europie w najbliższym okresie.
Should Germany then try to emulate America? Germany
does not have the capacity to do what the United States accomplished
from 1980 to 2008; that is, to operate as a gigantic vacuum cleaner sucking
into its territory other nations’ net exports, at the cost of ever expanding
deficits. Nor should German taxpayers be expected to reflate the bubbles that
burst in 2008 (in their own banks, in and around the Greek state, in Irish and
Spanish real estate markets etc.). Burst bubbles should be allowed to remain…
burst. But meanwhile a hegemonic Germany would find ways to channel the huge
pools of stagnant savings into productive investments in the Periphery where
they shall produce the incomes that must pay down debts and maintain the level
of intra-European demand German companies need to remain competitive both
within and without Europe.
