France and Friends Are Letting Germany Conquer Europe

Without fundamental fiscal reform, the economies of the European periphery will be weak and increasingly subject to Teutonic domination.

Issue: September-October 2014

IT’S TOO SOON to pop the champagne corks. Europe, mired in gloom for years, still faces many high hurdles to resolve its crisis. Nonetheless, there are some auguries of prosperity that might invite a stockpiling of party hats and noisemakers. In December 2013, Ireland successfully emerged from its bailout, and Portugal followed this May. This verifiable progress represented a first for members of Europe’s struggling periphery. But this news should only lift spirits so high.

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