For 60 years, successive German governments sought a more European Germany; but now, Chancellor Angela Merkel’s administration wants to reshape Europe's economies in Germany’s image. This would be a disaster: Far from being Europe’s most successful economy – as German officials boast – Germany’s economy is dysfunctional.
CENTRAL bankers once used to inveigh against wage inflation. Guarding against a return to the ruinous price-wage spirals of the 1970s was a constant preoccupation....