PZ, your understanding is only half true. The ECB policies are responsible but not the German CB. History has been written, you only need to look back and see how many heads rolled at the German CB after the 2008 financial crisis. Also, the German establishment attitude in the last decade or so has been totally irresponsible, inconsiderate, and this to say the least, especially when solidarity and understanding with the other EU countries was badly needed. There again, history has been written and you may wish to interpret it the way you wish. The ECB is not without its faults and made few mistakes when reacting to the financial crisis, but so did everyone else including and more especially the IMF and this with their own admission. There again history has been written. In any event, the latest German election results, recent opinion polls in Germany and in Italy should be sufficient proof as to what the electorates think of their establishments and of their economies, which the author of this article conveniently omitted from his analysis.