In the aftermath of the European elections last Sunday, the German establishment has been trying to come to terms with radically altered political realities. Despite advance polls predicting a notable shift to the Right, the result still shook.
Few countries are more aware than Germany of how important it is to keep public finances in order. But few countries have indulged in more creative accounting. As Germany’s highest court ruled current spending plans unconstitutional, it finally destroyed the nation’s cherished myth of fiscal prudence. The stakes could not be higher for Germany and its neighbours. Former chancellor Angela Merkel liked to evoke the idea of a frugal Swabian housewife when she lectured others on sensible economics.
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