The ECB’s Monthly Bulletin looks at the employment market in the eurozone and stresses just how bad the labour market has gotten. Never mind the debt that will be piled onto future generations so it’s not worse.
The chief result of the common currency, in my mind, is that the rest of the eurozone subsidizes Germany with a cheaper currency and that allows German factories to export throughout the currency union and abroad.
That Merkel & Co can complain about giving Greece some loans in exchange for this arrangement is a true political mystery. And that the average German worker can complain about it is baffling.
Here is the ECB’s detailing of unemployment rates since the dawn of the crisis.
The second phase of the crisis, which we’re on the precipice of, is that Germany has weakened its neighbours so badly that demand for its exports are falling.