April 8 (Bloomberg) -- Most people see Europe’s economic
crisis as a cautionary tale of good and bad policy making, in
which fiscally prudent countries, such as Germany, remain
stable, while reckless ones, such as Greece, unravel.
So ingrained is this idea that it’s now common to hear
analysts say Europe must become “German” to exit from the
crisis, adopting Teutonic approaches to policy -- from fiscal
tightening to labor- and product-market reforms. If only
societies on Europe’s periphery can learn to do what the Germans
do, the argument goes, the European Union and its single
currency will have a stable future.