Really, the problem is Germany. They want a Euro area policy that suits themselves and when that causes problems elsewhere they refuse to permit the policy to flex to accommodate the others.
Profound structural flaw. Clearly revealed. Time to change.
As usual, Germany's stubborn sense of principle creates a pall across the continent. They must have it their way.
I understand. It's a great set up for them. But do they really think they are not recreating old animosities here? Germany must let Europe be free to pursue the interests of all Europeans, not just those of Germans. So much for the spirit of the new Europe. That was a fair weather slogan.
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