The new populist leaders recognize that they aspire to national leadership in an era in which national sovereignty is in crisis. The most striking symptom of this crisis of sovereignty is that no modern nation-state controls what could be called its national economy. [...]

This, then, is what the leaders of the new authoritarian populisms have in common: the recognition that none of them can truly control their national economies, which are hostages to foreign investors, global agreements, transnational finance, mobile labour and capital in general. [...]

[...] As long as jobs, pensions and incomes continue to shrink, minorities and migrants will continue to be obvious scapegoats until a persuasive political message emerges from left liberal voices about restructuring income, social welfare and public resources. [...]

Germany [...] can also exit, close its borders, hoard its wealth and let the rest of Europe (and the world) solve its own problems. The latter may be the message from the German right, but it would be a foolish option. Global interdependence is here to stay and German wealth is as dependent on the global economy as anyone else's. The 'exit' solution would not be good for Germany. [...]