But the facts may conduct it any similarly

Since the beginning of the crisis, the Germany delivers to the flank. Last month, the Chancellor would not participate in the bailout of the banks and then, today, she pouts EUR 200 billion economic stimulus plan that was announced Wednesday, November 26, the Commission in Brussels. Everywhere Governments hand in the Pocket (the United States to Britain, from China to the Argentina) and the urgency of a powerful Keynesian stimulus is highlighted by a large majority of economists including those of the IMF and the OECD, but the Germany, isolated, camped on its "NEPA" (a national plan of only EUR 32 billion in two years).

The consequences are to show the incompetence of the differences in the Union and lead to an immediate scepticism of markets on the European plan, while confidence is needed. "This light plan was unlikely to have an impact that in the United States or Britain," summarizes Laurence Boone of Barclays Capital.

German selfishness has been criticized from all sides internationally (1) to the point where Angela Merkel has felt it necessary to explain to the Bundestag on Wednesday. His response is very interesting because, as still German, she goes to the bottom of things.

(1) These stimulus plans are dangerous. They open the gates of the credit which is overflow of mortgage (in the US) that caused the crisis. Clearly, the Anglo-Saxon countries, making shit money easy, invite us, we virtuous Germans to follow. "NEPA".

(2) The role of the Government is not "to overcome the crisis" but to "prepare a bridge for the takeover which will come in 2010". As German households have not lost confidence (indices indicate in fact) and that oil will bring purchasing power, it is sufficient to targeted measures of backup (car for example). If things worsen, we will see.

"These are pré-keynésiens arguments," said Jean Pisani-Ferry of the Bruegel Institute. The collapse of demand for household requires States to take the relay. The recession, if no stimulus plan was decided, could quickly become depression. "The Commission understood, it tipped." But not the Germany, which still did not aware of the magnitude of this crisis. "Patrick Artus, of Natixis, goes further than referring to" a consistent economic policy, in recent years, clandestine passenger. " The Germany dropped its costs by reducing his salary since its reunification. Its exports are doing well, it grows with other markets. But, conversely, its own market is dull and its partners can not sell. Berlin again with the European plan. This attitude "non-cooperative is a problem on the part of the largest European country".

The Germany was fitted to the body, the certainty of a good political, of the rigour of the wages of budgetary orthodoxy. What are the other soft, are wrong. In election year (vote next September), the debate is unlikely to challenge the German ideology. But the facts may conduct it any similarly. The deepening of the crisis may force the Germany to not only rely on the revival of the other. If its engine of exports is extinguished, no vat - she not be compelled to boost its own internal consumption The German left now defends this policy shift.

Remains a point of fundamental blocking. In the Bundestag, Ms Merkel has not given a third argument, moral that one, but in all heads: us, German, have budgetary efforts to the contrary from other countries (first the France) and should now recognize their laxity Nicolas Sarkozy, rather than to seem to agree with Angela Merkel, would have to spend a great deal with it: you restart, me I will truly and drastically reduce my deficit soon come resumption. This is the ideal European plan.