Europeans have not forgotten the dangers of inflation

Commenting on the approaching G20 summit in London the daily Gandul writes: "The positions on the two sides of the Atlantic are hard to reconcile, for both sides have had negative experiences. During the crisis of the 1930s … the market was supposed to separate the wheat from the chaff. … But this economic philosophy can also cause political and social chaos. Bankruptcies result in unemployment, panic and street demonstrations. While in the United States this approach to treating the patient led to unemployment without turning into an extreme rightwing movement, in Europe it led to a rapid inflation which fuelled social tensions and aided Hitler's rise to power. The Second World War ensued. Europeans have not  forgotten the dangers of inflation, which they regard as enemy number one for the economy and for socio-political life."

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