Leuven University economist Paul de Grauwe is one of the smartest analysts of euro-zone dysfunction that there is (I’ve linked to him in this Corner on quite a few occasions), but it’s always worth remembering that he writes from a euro-federalist perspective, something that explains this recent tweet:
It’s very sad how so many German economists are carried away by collective mood of nationalism and stir nationalism in Germany.
Those few words are a brief classic of the europhile oeuvre, complete with condescension (“it’s very sad”, “carried away”, “collective mood”), and the inevitable deployment of the “nationalist” bogeyman. They are also nonsense. German voters may be increasingly skeptical about the euro, but, given what Brussels’s funny money (which they never wanted) threatens to do to their pocketbooks and their democracy, they remain remarkably supportive of the broader EU project — far too much so, as it happens.
Under the circumstances, the spectacle of those German economists sticking up for German taxpayers and, by extension, German democracy (I posted about it here) was a thoroughly heartening development.