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Germany is the strongest economy in the eurozone, but productivity has slowed since its 1990s heyday

Greece and the other countries in the troubled “PIGS” quartet—Portugal, Ireland and Spain—have been the focus of recent debate about the eurozone’s survival. It was, after all, the relative weakness of their economies that exposed the eurozone’s limitations. But the future of Europe will be determined by Germany, not the PIGS.

Because of its relative economic strength, Germany is the place where the real decisions are made in the eurozone—an increasingly undemocratic project. At the…

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