Peter Martin — Germans don’t understand how currency unions need to function

The German taxpayer may well not like that idea. It certainly would not have been properly explained to them just what they were letting themselves in for when the Euro was created. No politician in any of the Eurozone countries would have dared make that explanation! It would have been career suicide. There were economists around who did their best to explain it all but they weren’t listened too. 

It is too late for that now, but the reality of what has been created, in their name now needs to be recognised and understood by all. Some rethinking is in order. That has to start with the Germans, then the Dutch and then everyone else too. The sooner the better.

Modern Monetary Theory: Real Economics
Germans don’t understand how currency unions need to function
Peter Martin