French bank Natixis recommends Germany leave the EU

Sur des bases purement macroéconomiques, l’Allemagne devrait sortir de la zone euro (PDF)

There are of course many (geo-strategic policy, …) non-economic reasons to form a monetary union. But we limit ourselves to purely macroeconomic arguments, which suggest that Germany should leave the euro zone:

• asymmetry of cycles between Germany and the rest of the euro zone;
• weakening economic ties between Germany and the rest of the
Eurozone;
• structural asymmetries between Germany and the rest of the euro area
(sectoral structure of the economy, savings behavior and
demography, labor market rules);
• different needs of Germany and the rest of the euro area in
respect to exchange rate policy;
• inability of the euro area excluding Germany to make
“Internal devaluation.”

(Google Translate)

 

Meanwhile Saxo Bank’s Steen Jakobsen says:

Expect “Dramatic Slowdown” in Germany

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