Germany Isn't Building a New Empire

Some ideas are almost too seductive to examine closely. One such theory concerns the emergence of a new German hegemony in the euro zone crisis. The last turbulent years have catalysed a pre-existing historic transformation in Europe, the argument goes, allowing austerity-obsessed Berlin push too much too soon on crisis-hit neighbours. Although biting reforms have failed to generate the positive economic results German supply-side economic ideology predicts, the critics say Berlin has prescribed even more austerity medicine and risks killing the patient.