German deficits: from stimulus to Merkel sense

No more borrowing. That’s the new virtuous intention of the German government. But not before 2016, and only in “normal” times. The German plan is a reasonable start for a future that needs to come well before 2016. Otherwise, the world could face a series of debt crises in rich countries. The German move is a salve to the conscience of Angela Merkel. The prime minister is rightly horrified by the size of the country’s deficit this year: 4% of GDP. If other world leaders thought like Merkel, th...