Just like Thatcher, Merkel is not for turning

Three decades ago, British prime minister Margaret Thatcher was confronted with a nation bordering on irrelevance, a stagnant economy and a set of entrenched beliefs about the relationship between the government and the people.

Thatcher faced down striking coal miners and forced through a series of free-market reforms that unshackled Britain’s economy and made it vibrant once again. To the chorus of accusations that she was killing the economy, she replied: “There is no alternative.”

She was right. Short-term pain for long-term gain is generally a winning strategy.