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If you were to believe the consensus view about Germany, the economy is on its knees, public finances are in such bad shape that Germany will not meet the terms for EMU entry in 1999, and German industry is locked in the sclerosis of high labour costs and declining world market share. Nothing could be further from the truth. Germany will get its fiscal house in order in 1997. And German reforms at the levels of the household (shop opening hours), corporate (embracing shareholder value) and government (fiscal consolidation) are increasingly entrenched. |
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