Throughout the European Union’s sovereign debt crisis, the conventional wisdom has portrayed Germany as leading the EU, in particular by imposing its economic policy preferences on the eurozone. A quick glance at Greece, Italy and Spain, suffering ever more acutely from austerity measures imposed at Germany’s insistence, would seem to confirm that perception. Germans are convinced that these countries need still more of the austerity cure, while Athens, Rome and Madrid are trying to convince Berlin that the medicine is just as fatal as the disease.
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