About 10 years ago Germany restructured it’s labour market in the teeth of opposition from the unions. The government also forced austerity measures on it’s population post unification and reduced it’s own budget spending long before this recession hit.
Whilst the rest of Europe went on a spending credit binge.
Germany are now reaping the rewards for doing that and good on ’em.
I’m not a German basher. I am full of admiration for their peoples work ethic. However it is not the job of the ECB to help out Germany to the cost of the rest.
So I return to my point. How long will the German people put up with helping out the free spending PIGS. Does the country really need the EU?
Germans share of the financial bailout burden is the largest. They see Greeks retiring at 50 when they have to wait until 67. I know that’s changing but very slowly.
Who could blame them for saying enough and if they did what future for the rest of the Eurozone? Bleak indeed.
It’s very difficult to take a detached view, at least it appears to be for me; but surely the European nations already joined by the EU would benefit from a joint currency, because we are not alone in this world. The difficulties have proved horrendous, not least because the Mediterranean nations, probably because of their marvellous climate, do not work as hard as the Germans, for example.
It seems a terrible statement to make for a liberal thinker, and I’ve only mentioned the climate, to go into other reasons would sound even more offensive. I’ve lived in German and Spanish built houses, I’m in one now, and I’ve driven cars made in both countries. I’m not mentioning the UK because that would ruin any debate on this topic.
The constant media speculation that Spain will be next for a bailout must be getting to me because I’m considering what that would mean. The Eurozone would break up and possibly even the EU itself. Countries in Europe may well build walls around their lands and I may be forced to return to the UK. The returning doesn’t bother me too much, but I love to travel and I’m no good at climbing over walls.