Man spricht deutsch: Eine trügerische Erfolgsgeschichte.

The European crisis is giving rise to highly controversial statements on the role of Germany. The paper highlights Germany's role as the single most important problem maker, rather than problem taker, in the course of the current revival of neoliberal economic policy reforms in Europe. Major roots of the deepening imbalances in the Eurozone are ascribed to a reshaped German model of capitalism which is analysed as a hybrid of surviving powerful features of 'Rhenish' capitalism and neoliberal upheavals in the labour market. As a consequence, the austerity regime imposed on other countries by the German government may be economically beneficial for Germany in the short run but will most presumably prove to be a disaster in the longer run both for individual countries and for Europe as a whole. [ABSTRACT FROM AUTHOR]