Germany Should Take Wisdom From Keynes Instead of Weimar: View

Germany, with the help of the European Central Bank, has achieved a level of dominance in Europe it hasn’t enjoyed since World War II. It is to that period, and a bit earlier, that it might look for lessons on how to save a troubled European project.

The rapid fall of euro-area governments in recent days demonstrates the enormous influence Germany and the ECB have gained over sovereign nations. By withholding the money needed to restore confidence in struggling countries’ finances, they have helped topple the leaders of Greece, Italy and -- pending the outcome of a vote Sunday -- possibly Spain, in favor of governments more focused on austerity.