To avoid crisis, Germany must loosen purse strings
When I started working in the world of economics many moons ago, there was a cliched-term often used in popular discourse called ‘Eurosclerosis’. It was a term coined to describe and capture the anaemic growth that had characterised Europe for years.
The mantra from EU officials and indeed in ‘official Ireland’ in the run up to 1999 was that the creation of the Single European Currency and the completion of European Economic and Monetary Union (EMU) would solve the long-term economic problems in the countries participating in the great monetary experiment.
