La crescita tedesca non unisce ma divide l Europa

Pubblicato: 31/05/2013 in review
Tag:, ,

Di carlo bastasin ( il modello tedesco e la sfida europea. Brookings Istitution)

The excellent performance of the German economy over the past decade has drawn increasing interest across Europe for the kind of structural reforms that have relaunched the German model. Through those reforms, in fact, Germany has become one of the countries that benefit most from global economic integration. As such, Germany has become a reference model for the possibility of a thriving Europe in the global age. However, the same factors that have contributed to the German “global miracle” – the accumulation of savings and gains in competitiveness – are also a “European problem”. In fact they contributed to originate the euro crisis and rep- resent elements of danger to the future survival of the euro area. Since the economic success of Germany has translated also into political influence, the other European countries are required to align their economic and social models to the German one. But can they do it? Are structural reforms all that are required? This study shows that the German success depended only in part on the vast array of structural reforms undertaken by German governments in the twenty-first century. Much of the transformation took place much earlier. Moreover, it was the consequence of business initiatives by private actors – large-sized firms and banks that were increas- ingly oriented to cut their investments at home and thrive in the global market – more than the choices made by public policy actors. As such, the peculiarities of the German success story cannot be easily reproduced in other countries. The survival of the euro area and its future design depend on making the inevitable differences among countries compatible in a spirit of integration.

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