The only country that seems to get the full implications of the last 3 years is Germany.
Rather than rushing in and throwing good money after bad in a desperate hope of stimulating your way put of the mess, the Germans realise the fundamental problem is too much dent, and the only solution is for that debt to be paid off. That means belt-tightening and pain all round, for many years.
At the risk of stereotyping, the Germans have always been prepared to buckle down and put in the hard work. The Anglo-Saxon model of quick fixes and instant gratification fueled by debt got us in this mess. Time for a try of the German model, with some pain now, rather than even more pain in the future.
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