Ambrose Evans-Pritchard, "Telegraph," London, I read on 2.12.2011 an excellent analysis about Germany and Monetary Union, subtitled "The German people were lulled." She's worth it to me to translate it:
Source: Bloomberg
Enough is enough. Please stop because defame out there in the blogosphere Germany. The Germans are not involved in a mercantilist conspiracy to subjugate and auszumelken Southern Europe. Do not perform "war by other means", and - heaven forbid that - not trying to build a Fourth Reich.
The German people joined the monetary union from honorable motives, the Germans believed that it was necessary to act as good Europeans. It is distressing for them to see these posters in Athens on Syntagma Square, showing Chancellor Angela Merkel with a swastika or this sign "Arbeit macht frei" to read.
They gave the D-Mark reluctantly under pressure on French and Italian, as the price for the attainment of reunification. They joined the European Monetary Union with an overvalued exchange rate after the reunion with bladder; thus they got half a decade in a fast-recession. Slow and hard they fought back the competitiveness by depressed wages and productivity driven upwards. (more ...)
