The Germans were doing FINE before the euro. Do you remember them struggling economically?
They were ONLY persuaded to abandon the DM on the PROMISE that this very eventuality happening now would NOT occur. STRICT rules were set up at the insistence of Germany about the ECB and the ratio of debt to GDP.
ALL THESE RULES WERE BROKEN. When France was challenged, some spokesperson said: “Those rules were designed for little countries, not those like France.”
In essence, THE GERMANS HAVE BEEN BETRAYED and are now being made into the big nasty for not bankrupting themselves by bailing out the useless, non-working, non tax-paying leeching states all around. Germany has paid HUNDREDS OF BILLIONS NET into the poorer EU states, and STILL they want more. Greece has had MORE money pro rata than Germany under the Marshall Plan post WWII, but STILL it isn’t enough.
There is sod all sympathy here in Germany for this nonsense. The Germans BELIEVE in “Europe” and in being “good soldiers”, but NOT AT ANY INSANE PRICE. And NOBODY likes the piss being taken out of them.
Lagarde is a French political crony only placed in her position to further the French vision of the EU, i.e. where there is massive bureaucracy and Germany pays for everything. She did SOD ALL as French Finance Minister to put France’s finances right. She and Borroso should team up as a stand-up comic double-act.