The postwar German debt experience should inform a spirit of co-operation and goodwill today.
Never before has Europe confronted such a ‘Great Lockdown’, likely resulting in a recession far worse than the global financial crisis of 2008. Germany and the Netherlands refuse to support guaranteed European Union funds to assist the most stricken southern European countries coping with the human and economic consequences.
The French president, Emmanuel Macron, has warned that the EU could collapse if countries continue to block joint support with common guarantees. The populist anger in Italy, Spain and even France could well put such parties into power at the next elections.