Germany’s insistence on austerity meets with revolt in the eurozone

Germany’s insistence on austerity meets with revolt in the eurozone

Press quote (The New York Times)
07 October 2014
The rapidly evolving debate holds the potential to be a turning point after a long period in which Germany and Ms. Merkel have dominated European economic policy. On Tuesday, new signs emerged that Germany, the traditional growth engine of the eurozone, was on the verge of an economic downturn.

"After going along with the damaging strategy of austerity in the hopes that Germany would eventually moderate its position, countries are now saying, 'Enough is enough. We’re going to have to act to arrest the downward spiral in the economy,'" said Simon Tilford, the deputy director of the Centre for European Reform in London.