The German miracle

Paul Krugman takes a look at the Hollande hysteria, noting (among others) that

[Josef] Joffe is, however, useful as a guide to the German view, which is basically that we got ourselves competitive and restored growth, so why can’t everyone else. Somehow he never mentions that Germany’s recovery in the 2000s was driven by a huge move into trade surplus; is everyone supposed to do the same thing, all at once? What’s the Germany for “fallacy of composition”?

As always, worth your perusal.