Papillon
I don't suggest anything as a panacea for all ills.
Also, I put a very clear caveat on the risks of drawing conlusions form one sets of figures.
Neither did I ignore the USA, I stated clearly that I would not compare for this matter as the HR laws in the US and Europe render comparisons of very limited value. Have you worked in the USA? (I have.)
Workers need strong representation in the US and the union model across there has developed to create a counter balance to the 'at will' employment situation.
By comparison to the USA (in general, as federal and local laws different from state to state), the UK labour laws are very protective of workers rights.
Germany itself has had a very difficult 30 years economically, and been outperformed by the UK for most of that period
Out of those 30 years, 20 years has involved taking on the tremendous burden of reunification - the UK should have out performed Germany by a substantial margin.
As to managing the Euro, in 2002, 64 pence bought a euro, today it is 86p.
Did the euro strengthen or did the pound fall?
The German approach is forcing the 'club med' countries (of which Portugal is one) to realise that they have a decision to make, if they wish to have improved standards of livingon a sustainable basis. Stay and learn fiscal disipline or leave.
But then again, the UK is also learning this lesson, if one reads Mr King's recent analysis.