January’s dreadful German unemployment figure is the most politically significant euro event since the Dublin summit. Chancellor Kohl was always seen to be more powerful from abroad than he was in reality at home. He is now seen as a chancellor with a great plan for European integration and no strategy for German economic rejuvenation.
Kohl’s decline won’t stop the euro happening on time, but it has reduced its chances a little. More important, there will be economic and political effects for the Dm.
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