In a letter to the editor of the Financial Times, London, flassbeck-economics contributor Jörg Bibow comments on Wolfgang Schäuble’s piece a few days earlier. While Wolfang Schäuble demanded Ignore the doomsayers: Europe is being fixed, Jörg Bibow explains The euro crisis is not even close to over, Mr Schäuble.

I find access to FT articles to be difficult at some times or it may require an FT subscription. Give it a try. In his reply Jörg Bibow notes: “Europe’s single-minded austerity crusade has plunged the eurozone into a severe and existential crisis – a crisis which remains largely unresolved” and continues to explain how for the moment the eurozone has received some economic relief by the rest of the world, since its current account balance “has swung from a $100bn deficit in 2008 to a $300bn surplus forecast for this year by the International Monetary Fund”.

Possibly the German government believes this to be a sustainable strategy for the eurozone, but I don’t, and I guess Jörg Bibow does not believe it either.