Disabused of Great Expectations? (Don’t) Hold your breath for Germany’s election

Those who were lucky enough to enjoy a vacation from the euro crisis this summer might partially owe this pleasure to the prevalent notion that all will be different after Germany’s election. “Then,” some might have exclaimed, “we will see decisive leadership in the Euro Crisis, Germany will agree to transfers and stimulus spending, the banking union will be completed, Germany will foster domestic demand, and generally be forthcoming to its European partners.” Followed by a muted: “We hope,” muttered under their breath.