David McWilliams: Italy has done us a huge favour by defeating Germany on monetary policy
The Germans have been boxed in by Italy. Fiscal policy has become monetary policy
The future of Europe will be a struggle between the North and the South. Pictured Angela Merkel and Mario Draghi. Photograph: Silas Stein/POOL/AFP
The future of Europe will be a struggle between the North and the South and, more specifically, between Germany and Italy, Europe’s two manufacturing powerhouses.