Der Spiegel poroča o tem, kako Nemčija ostaja vse bolj osamljena v taboru zagovornikov politike strogega varčevanja. V tabor zagovornikov bolj fleksibilnega tolmačenja Pakta o stabilnosti in rasti sta po Italiji in Franciji prestopila tudi Mario Draghi (Predsednik ECB) in Jean-Claude Juncker, novi predsednik Evropske komisije. V tem taboru pa so že dolgo mednarodne inštitucije, ZDA in večina ekonomistov. Toda kanclerka Angela Merkel in finančni minister Wolfgang Schäuble se ne data.

In essence, the dispute focuses on the question that has divided Europe since the beginning of the euro crisis. The Chancellery in Berlin has demanded that EU countries in crisis undertake far-reaching structural reforms coupled with biting austerity programs. Paris, meanwhile, has been the voice of those asking that the stability pact be made more flexible to make room for economic stimulus, with reforms coming later, if at all. Until recently, the two camps had been roughly equal in strength within the EU. But recently, Paris has unexpectedly won over new allies.

New European Commission President Jean-Claude Juncker has joined Hollande and Italian Prime Minister Matteo Renzi in promoting a flexible interpretation of the stability pact rules. The US government and the International Monetary Fund likewise support the position.

Plenty of outside experts agree. During a meeting of Nobel laureates on Lake Constance in August, the economists present unanimously criticized Merkel’s approach. Europe, they said, is threatened with lasting weak growth should the deficit rules continue to be strictly interpreted. Given the current 0.4 percent rate of inflation, many are warning of the perils of deflation. And the biggest pessimists even believe that the euro crisis could return.

Merkel and Finance Minister Wolfgang Schäuble, though, remain convinced that the euro zone remains unthreatened by a relapse and have no plans to deviate from the path followed thus far. Nevertheless, dearly held certainties are being called into question from all sides. Germany’s central bank, the Bundesbank, for example, is calling for higher wages. And the European Central Bank (ECB) seems to be in favor of some form of fiscal stimulus to boost growth.

Vir: Der Spiegel