Do not pass go: Germany's Monopoly moment

Germany's external financial assets cannot keep growing forever. Like a Monopoly money lender, at some point it will have to realise its claims against Europe's periphery are unrecoverable.

When I grew up, nearly every Sunday was spent playing board games with my parents. Unsurprisingly for a future economist, my personal favourite was Monopoly. It somehow foreshadowed my later dealings with competition policy and property markets. But it also taught me a lesson with relevance to the euro crisis.

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