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Don’t envy Germany

Its success is lauded by politicians of all stripes, but the model is breaking down

The Volkswagen factory in Wolfsburg: "Germany excels at manufacturing exports... but its reliance on this may turn out to be a weakness." © Getty Images

When the euro was launched in 1999, Germany was dismissed as the “sick man of Europe.” Over-taxed and over-regulated, its economy was stagnant, and four million Germans were unemployed. In the early years of the new century, the German economy…

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