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Shifting Gears

Berlin Policy Journal January/February 2016
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The “convergence machine” was designed to build wealth within the continent while helping its lagging members catch up. Now, however, the same mechanisms are rendering the currency union less flexible.

Traders work at their desks in front of the German share price index DAX board at the stock exchange in Frankfurt, Germany, December 16, 2015. REUTERS/Staff - RTX1YYZD

REUTERS/Staff

Europe has a problem. It is not just about economic “competitiveness”, and it is not a new one; it does not date from the sovereign debt crisis and the resulting end of cheap private-sector credit, which expanded in both Europe and the United States during the first decade of the 21st century. Those calamities have exposed the problem, while also making it harder to solve – but they did not create it. …

Read the complete article in the Berlin Policy Journal App – January/February 2016 issue.

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BERLIN POLICY JOURNAL is a bimonthly digital magazine on European affairs, edited in Germany’s capital and published by the German Council on Foreign Relations (DGAP). It is best read via our app – on GooglePlay and the Apple AppStore – on tablets and smart phones.