Within these pseudo-moralistic dimensions inspiring the German euro debate economic reasoning is conspicuous for its absence.
It is somehow lost that there can be no creditor without a debtor. It is also lost that Germany as a nation can only run a current account surplus if other nations run deficits and pile up debts.
So it has never entered the German national debate that Germany only managed to balance its public budget thanks to other countries’ willingness to borrow and spend on German exports.
Instead, morally, it seems a clear-cut case that Germany has done everything right. If there is trouble in the system, it must be because of others’ failures and moral deficiencies.