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. Pictured Angela Merkel and Mario Draghi. Photograph: Silas Stein/POOL/AFP

While we are still convulsed over Phil Hogan, the EU has moved on. This week, the powerful head of the German Bundesbank, Jens Weidman, sought to reframe the battleground for 2021 and beyond.

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.

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