Another kind of awkward truth…

English2019. okt 4.GOVERNOR MATOLCSY100WORDS

In a very smart but biased – against the Germans – article /Philip Stephens, FT, 13 September 2019/ we spot Germany as the biggest beneficiary of European integration. In the lack of European integration, we might find ourselves in German Europe, not as a present partner of a European Germany.

It is urban legend, shared by even the Germans. I had the chance to listen to two German Chancellors repeating this nonsense. After WW 2, the Americans restructured Germany: there is only the European way for Germany in close alliance with the U.S. It is mandatory, not for choice.

That is the reason why not only Germany, but also all other euro countries are required to boost consumption via much lower income taxes.

Anyway, the original sin was not an untold truth, but the birth of a Western rival currency against the U.S. dollar.

Re “Germany, the euro and the awkward truth”

Governor Matolcsy, MNB, the Central Bank of Hungary


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