It follows logically that, in the past 25 years, our economy has spent over a third of its time off the dynamic stability path (defined as the range between two standard deviations of the long-term trend), against Australia’s 18 percent or Brazil’s 25 percent.
Ladies and Gentlemen, Late last year, Helmut Schmidt, the publisher of Die Zeit and former German Chancellor, said that it’s not written in any Bible that the European Union will last until the end of the 21th century in its present form. It was an expression of concern, but he hoped that he would be wrong.