Protectionism would clearly harm Germany and Europe. Therefore, we should not turn our back on globalisation. We should rather learn to better reap its benefits and make it more inclusive, in ways such that benefits are also fairly shared. The crisis offers an opportunity to learn from past mistakes.
At the domestic level, it shows the importance of addressing imbalances with sound policies and structural reforms. At the global level, it shows the real cost of non-cooperative attitudes and policies. It therefore calls for a substantial change in institutional and governance frameworks for international policy cooperation.