Home > EMU Crisis, Global Imbalances > One Swallow Does not Make a Summer

One Swallow Does not Make a Summer

The Financial Times reports  something interesting: Wolfgang Schäuble, Germany’s Finance minister, apparently is not against wage increases in Germany:

It is fine if wages in Germany currently rise faster than in other EU countries. These wage increases also serve to reduce the imbalances within Europe

Yeah! Finally! Thumbs up! Or not? Let’s see

  • The same article says that the remark was probably due to domestic strikes, and not to a change of course on European matters.
  • The interview was given the day before an important local election in Schleswig Hostein (lost by the CDU, by the way), and another in North Rhine-Westphalia next week.
  • Angela Merkel’s reaction to the French election has been renewed emphasis on fiscal discipline and…
  • Angela Merkel’s reaction to the Greek election has been, hum, let me guess: Renewed emphasis on fiscal discipline!

Let’s wait for a few more swallows, before declaring the end of winter…

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