Wall Street Journal
By DONALD
L. LUSKIN AND
LORCAN ROCHE KELLY
Looking beyond the latest headlines about Greece's debt crisis, the long-term
question for the European Union is: Can it grow? The conventional answer is that
it's too sclerotic, too socialist, too indebted. Not so.
Germany is the largest economy in Europe, and it's been the first to recover
and the best-performing developed economy since the start of the Great
Recession. Since bottoming in 2009's first quarter, German output has grown at
an annual rate of 2.8%, compared with 2.4% for the U.S. since its bottom in
2009's second quarter. Germany's unemployment rate is an astonishingly low 5.5%.
German youth unemployment is lower than U.S. overall unemployment.
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