The next recession: Made in Germany?

Complacency and Angela Merkel’s long goodbye are helping to prevent the fiscal stimulus that Germany and Europe need

8th September, 2019
The next recession: Made in Germany?
German chancellor Angela Merkel. Pic: Getty

For the past 20 years the financial markets have been waiting for Italy to fall apart. Investors have bet billions that this beguiling but creaking country will become so ungovernable one of these days that it will crash out of the euro, default on its debt, and spark the crisis to end all crises in the eurozone.

Maybe those bets will pay off one day. Italy has profound and enduring problems – fiscal, structural and social....

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