Former ECB Board Member and Honorary Committee Member at Bretton Woods 2014 Otmar Issing penned a thoughtful piece in the FT on why arguments for Germany to prime the fiscal pump are faulty in Blame Germany for bad policies, not its reluctance to spend more.
The story is especially noteworthy as France and the European Commission continue to lock horns regarding the budget for 2015 (see Paris defends budget amid EU irritation). Prime Minister Manuel Valls noted that “We decide the budget.” On speculation that the commission will demand a review, he noted… “That’s not the way it happens. France should be respected. It’s a big country.”