Roland Berger thinks that Germany is the loser of the euro
Roland Berger, founder of the economic consultancy and one of Germany most trusted economic experts, see Germany as a looser of the euro. “The truth is that Germany was among the losers fo the euro in the first decade”, he told Süddeutsche Zeitung. “Since its introduction and until after the world financial crisis we were among the last in terms of economic growth in Europe – together with Italy. In terms of GDP per capita Germany has dropped from the 4th to the 10th place in the EU. The real income has shrunk by 7.4% in Germany since 2000 – so Germans are able to afford less for their work. The export quota into the euro area has gone back from 46% to 41%.” Also Berger thinks the euro is not the reason for the strong position of German companies. The reason for their competitiveness is that their product mix is tailor-made to the needs of emerging countries and that in real terms the German euro has devalued by 21% towards non euro countries and by 18% in relationship with the euro area. “German products and services have become better and nevertheless cheaper”, Berger argues.
(aus: heutiges Eurointelligence News Briefing)