The familiar view of Germany’s role in the euro crisis is simple enough: Germany has been the principal beneficiary of the euro, and for this reason ought to show solidarity with those euro-zone members in crisis. Once the euro zone is back on its feet, Germany will be the main beneficiary again.
Unfortunately, this view does not appear to fit the facts. Those who think that Germany has been a winner with the euro almost always rest their case on Germany’s export surpluses. The euro created stability; it eliminated exchange rate risks; appreciated less than the Deutsch mark would have, and thus aided German exports.… Seguir leyendo »