Daniel M. Price

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Germany ought to be able to debate its eurozone partners on the shape of needed economic reform without conjuring up historical fears of hegemony. After all, the European Union experiment has produced for its members the most sustained period of peace and prosperity they have ever enjoyed. But as time passes and the euro crisis escalates, the conversation is increasingly fraught.

On the one side, German Finance Minister Wolfgang Schauble and the Bundesbank resolutely oppose a greater rescue role for the European Central Bank, condemning that as a temporary fix that would spur inflation and undermine the institution’s credibility while leaving unchecked spending by member governments.…  Seguir leyendo »