Postcards From Europe

ECB hard money mania has been exacerbating Southern European debt woes:

But it’s not just thrifty Germans looking out for themselves. Instead, “German business confidence tumbled this month at the fastest rate since the aftermath of the Lehman Brothers collapse.” FAZ has the chart:

The saving grace of the Eurozone is that having embarked on this misguided initiative it now really is in the interests of the “stronger” countries as well as the “weaker” ones to find a way to make it work.