Economists say Germany is poised for recession next year. The ripple effects would be felt around the world.
to keep its economy afloat and shield its companies and consumers from high energy prices, a solution critics say could fan the fires of already-high European inflation.
Speira, a German aluminum giant that makes processed metals for fuel-efficient cars, beverage packaging and construction, made the hard decision last month to slash in-house aluminum production by 50 percent at its Rhinework plant in the city of Nuess. Natural gas prices had risen so high that one ton of aluminum was selling for only one-third of the price of the energy needed to make it.“This cannot be sustained,” said Volker Backs, the company’s managing director. “It is impossible.
“Unlike other countries, Spaniards have not lived beyond their means from an energy point of view,” Spain’s energy minister Teresa Ribera said in July, parroting a phrase German officials once wielded to describe freewheeling government spending in Spain, Greece, Portugal and Italy.To an extent, Germany’s predicament recalls the late 1990s and early 2000s, a period of high unemployment and low growth when the country was dubbed the “sick man of Europe.” There are differences.
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