In recent days various economic think tanks have made their latest forecasts for European GDP growth over the coming year. Almost all the headlines focus on the expected 2020 GDP contraction, which predicts a decline of around 6 per cent for Ireland and slightly more for our continental neighbours. The headlines largely omit the aggressive recovery expected in 2021, but good news doesn’t sell newspapers. Interestingly, the German media and a quite a few German economists have suggested that the current pandemic justifies Germany’s fiscal prudence in recent years. The argument goes that because Germany kept spending under control, it…

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