Tuesday, March 13, 2012

Inside the German mind

In case you're completely flummoxed as to why Germany insists on the self-defeating austerity policy, and have read too much Paul Krugman, you should really check out this great policy brief from the European Council for Foreign Relations - it explains the German economic policy paradigm and its roots in the tradition of ordoliberalism.

The conclusion: don't expect the Germans to give way on this. You have been warned.