CaptHawkeye wrote:That's stupid. The Eurozone was created so the nations within its membership can mutually support and help eachother. Membership is not used to threaten people, because the EU rather clearly views itself as a right not a privilege. But far be it from internet forumites to grasp the concepts of mutual aid and benevolence. Real life is about macho posturing duh!
Not exactly. Germany hated the idea of giving up the D-Mark. They feared higher inflation and that they would have to pay the debt of other countries. One of the major selling points to the German public was, that there's a strict no-bailout clause in the Maastricht treaties. That and the 3% deficit rule was to prevent a permanent transfer of German tax payer money to other states. This was of course not a stable solution, but it was promised that later, after the monetary integration, soon a fiscal integration would follow with EU-authorities for common control. Germans didn't believe it and hated it.
Funny story that: Fiscal integration and stronger EU-authorities didn't happen, the 3% rule was ignored, inflation will most likely raise, and German tax payer has to bailout other countries national debt. Huh.
So now there's the suggestion to introduce common collective bonds hat are guaranteed by all EU-countries (a.k.a. Germany), and later, there would be stronger EU-authorities for common control. Even if the other countries like France are against that because they want to keep their national sovereignty. And after introducing EU-bonds Germany would have no exit option and thus no leverage.
For example: Say France reduces the retirement age. This would decrease it's possibility to pay debt, since there are less workers. Thus interest would raise, but that cost would be partly transferred to Germans, who in turn had to raise taxes or cut budgets. If Germans do hard reforms, expand retirement age or reduce government waste, they would have to pay less interest. But part of that gain would be transferred to other countries. Of course there's the possibility it works the other way round.
And let's not forget that the Euro was introduced against the German public expressed will, as part of a deal with France to make the re-unification happen.
So there are quite a few reasons why Germans don't like the idea of "mutual help and support", since it seems quite a one-sided thing. And wasn't part of the deal from the beginning.
Note: I'm aware that this is not the whole story. Just the part the German public focuses on, and may have a point to.
I'm afraid not.
