The financial crisis has
accentuated the vast differences that exist between the powerhouse
economies of northern Europe and the weaker economies of the euro zone.
These weaker countries need financial assistance from their stronger neighbors, like Germany, to keep their troubled economies afloat.
But Germany is not just going to write one blank check after another. It wants to export or, as some might say, impose its economic model, based on strict budgetary controls and labor market flexibility.
Transplanting a German economic model to other euro zone countries is easier said than done.
What works in Germany is the result of 60 years' worth of policies that have been allowed to develop, gain acceptance and become part of national culture over time. Getting a country's citizens, politicians, intellectuals, businesses, unions and the media to accept a new model does not happen overnight.
In this paper (in Spanish), IESE Prof. Antonio Argandoña discusses the main features and the potential repercussions of applying the German economic model to the rest of Europe and, in particular, to Spain.
These weaker countries need financial assistance from their stronger neighbors, like Germany, to keep their troubled economies afloat.
But Germany is not just going to write one blank check after another. It wants to export or, as some might say, impose its economic model, based on strict budgetary controls and labor market flexibility.
Transplanting a German economic model to other euro zone countries is easier said than done.
What works in Germany is the result of 60 years' worth of policies that have been allowed to develop, gain acceptance and become part of national culture over time. Getting a country's citizens, politicians, intellectuals, businesses, unions and the media to accept a new model does not happen overnight.
In this paper (in Spanish), IESE Prof. Antonio Argandoña discusses the main features and the potential repercussions of applying the German economic model to the rest of Europe and, in particular, to Spain.
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