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Britain's debate about Europe is dominated by misunderstandings about Germany. David Soskice says that Germany's economic problem is deflation, not over-regulation, and the only way to liberate Europe from its effects is for Britain to join France in breaking the German hold on the single currency

By David Soskice   June 1997

Many readers will share these emotions: an intense and unexpected elation at the result of the election, and an extraordinary sense of pleasure at the departure of the Conservatives. But then comes the deflating question: what is this government going to do? It is not a government without ideas or policies. Leaving aside all the constitutional measures, important work went on in opposition on the transition from a welfare state based on income redistribution to one based on education and re-education. Moreover, as a pointer to what stronger prime ministerial control may be able to achieve, much of this came…

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