What Germany and the rest of Northern Europe will need is something that sounds dreadfully Anglo-Saxon: deregulation, greater flexibility, more room for enterprise right across the economy, not just in export industries. Only by creating new sources of wealth in service industries and more room for innovation in all industries will Europe find the strength and resilience it needs.
It is a familiar agenda, but one that has generally been consigned to the wastebasket. Germany obstructed freer European trade in services earlier this decade, and few countries have done much, despite EU exhortation, to open up their economies. For a while, as the storms blew around Wall Street and Lehman Brothers, it looked as if the Anglo-Saxon way was dead anyway. Not so. The danger is that it is the European way that is truly on its deathbed.
Via Times
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