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Germany's Unsustainable Growth

Austerity Now, Stagnation Later

Author: Adam Tooze
September/October 2012
Foreign Affairs


Germany seems like Europe's lone island of fiscal stability, but trouble lurks under its impressive export-fueled growth. An obsession with debt and austerity has blocked domestic investment as the country has ignored problems such as a shrinking work force and outdated infrastructure. Germany needs to borrow and spend more or face the end of its economic miracle.

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