It was long overdue to spot the substance of the past 20 years of the euro, Martin Wolf did it /FT, October 29 2019/.
Yes, “a tragedy of the euro zone, especially of Germany’s role within it, is that the transition to thinking about how income and expenditure add up at euro zone and global levels has so far failed to occur”.
But it was never the case for Germany. They were blackmailed into the euro zone by France. Then came the German answer. Since the Maastricht Treaty, they have been following German interests instead of pursuing not really viable, always misty, risky and rusty joint European interests.
Re “How the euro helped Germany avoid becoming Japan”
Governor Matolcsy, MNB, the Central Bank of Hungary
