The troubled currency needs a wiser and softer Germany to survive

Austerity is damaging the eurozone but with better policies it can flourish

The World Today Published 25 September 2015 Updated 11 December 2020 5 minute READ

Charles Grant

Director, Centre for European Reform

For those of us who think that the European Union is a good idea, the euro’s travails in recent years have been very trying. We had long assumed that the euro would encourage trade and investment across frontiers, thereby deepening the single market and boosting competition. We thought an independent European Central Bank would keep inflation and interest rates low, encouraging investment and job creation. We were also sure that the euro would strengthen the political bonds between the European nations.

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