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Tages-Anzeiger - Switzerland | Friday, March 15, 2013

Germany should cut down on austerity

Just in time for the EU's summit meeting this Friday in Brussels, the German government has passed a balanced draft budget. The austerity-loving model pupil Germany could end up dividing the EU, the liberal daily Tages-Anzeiger fears: "Merkel would do better to act a little more humbly in the presence of her EU partners. As an export nation Germany has benefited from the euro more than anyone else. Even the euro's crisis years have been big business for the Eurozone's largest member. The government in Berlin is getting fresh cash for zero interest on the financial markets because investors are seeking refuge in Europe's safe havens. So Germany is benefiting from the crisis. The model pupil could come to be viewed as a dogmatist who pursues national interests without taking its partners into account. Everyone must cut costs, but Angela Merkel could well afford to slow down a little in this endeavour. It's detrimental when Germany achieves its austerity targets quicker than necessary while other euro countries fall further and further behind."

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