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Germany’s Crisis of Complacency
Over the past decade, Germany has gone from being the “sick man of Europe” to a bastion of stability. But with German Chancellor Angela Merkel poised to gain a fourth term, it is worth asking if too much stability can be a bad thing.
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BERLIN – What a difference a decade makes. Ten years ago, Germany was cast as “the sick man of Europe,” owing to its apparent unwillingness to reform. The country suffered from high unemployment, declining competitiveness, a failing education system, an aging and shrinking population, and public debt that exceeded the limits set by the European Union’s Stability and Growth Pact.