Yanis Varoufakis
PHOTO: Zuma Press / Scanpix
European industry is reeling under the twin threat of high energy prices and President Joe Biden’s Inflation Reduction Act (IRA) which, in essence, bribes Europe’s green industries to migrate to the United States. Are Europe’s industrial heartlands about to become rustbelts? Will Germany experience the trauma that Britain suffered as its factories closed, compelling its high-skilled manufacturing-based labor force to accept low-skill, low-productivity, low-wage jobs?