AdamT
DP Veteran
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- Jul 26, 2011
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Germany became highly competitive in manufacturing because it is on the euro, and so its currency did not appreciate as much as would normally be expected given its export volume. Without its currency being kept artificially low it never would have been able to keep its manufacturing sector. And now with the euro crisis, the ECB's insane monetary policies are going to bite Germany (and everyone else) in the ass in a big way.
You mean Germany wasn't competitve in manufacturing before the EU treaty?