[mmarq]

> The biggest issue is giving up one of the biggest instrument of control over the economy to a supra-national non-democratic organisation

This is the point. Germany managed to set up a really independent central bank (which is a non- democratic, bureaucratic, etc… thingy) and inflation was at the target for decades. Italy, France, etc… didn’t, and inflation was 2-3 point above target and above the German levels. So they joined the Euro, which has a governance very similar to the Deutsche Mark.

To this day, inflation in European countries outside the Eurozone is higher.

[throw0101a]

> Germany managed to set up a really independent central bank (which is a non- democratic, bureaucratic, etc… thingy) and inflation was at the target for decades.

And Germany being overzealous in fiscal and monetary policy has stagnated growth and limited policy options. Look at all the rigmarole that had to be done so that Germany could start considering military spending to deal with the new global situation.

(Heck, if Republicans would actually be interested in fiscal discipline, perhaps they should move to Germany.)

[mmarq]

> And Germany being overzealous in fiscal and monetary policy has stagnated growth and limited policy options.

German fiscal discipline is a tool of strategic independence. It started in ‘49 when they knew they would eventually had to reabsorb East Germany. Today it allows them to re-arm without having to ask permission.

Over the past 20 years, Germany grew more than Italy, France and the UK.