Germany’s rebound is no cause for cheer

By Wolfgang Münchau

The real danger – to the eurozone, but ultimately to Germany itself – is the strains stemming from the policy of a real devaluation. I cannot see how southern Europe can ever fully reverse the misalignments in the real exchange rate. Nor are there any signs that the reforms in the EU’s product and labour markets will be sufficient to ensure that economic adjustment mechanisms can kick in. In other words, Germany’s economic strength is likely to be persistent, toxic and quite possibly self-defeating in the long-run.

http://www.ft.com/cms/s/0/2becafc4-b398-11df-81aa-00144feabdc0.html

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