European Central Bank

Simon Wren-Lewis Who is responsible for the eurozone crisis? The simple answer: Germany

The wrong economic model of the crisis led Germany to insist on tighter fiscal rules which created a second eurozone recession. German influence on the European Central Bank also led it to delay QE for six years, and raise rates during 2011. Finally we saw how the actions taken much earlier by German employers and employees helped to protect Germany from the consequences of all this. 

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