A “Merkel Plan” for Europe

It is becoming possible, in political terms, to say that Europe's debtors have taken their punishment and have made their economies more competitive. What is now holding back these and other European economies is weak demand in the eurozone as a whole, which is why a modern version of the Marshall Plan is needed.

LONDON – Ever since Europe’s economic crisis erupted more than four years ago, politicians and pundits have clamored for a grand solution, often invoking the example of America’s postwar Marshall Plan, which, starting in 1948, helped to rebuild Western Europe’s shattered, debt-ridden economies. But the political moment has never been ripe. That could be about to change.