[kimdouglasmason]

This x 1000000!

In the medium to long term, it's Eurozone breakup (either partial or complete) or fiscal (and thus political) integration.

I estimate the chance of the Germans ever admitting that the current system is skewed in their favor and actually taking real steps to raise their inflation rate (to counter deflation elsewhere in the Eurozone) and reduce their trade advantages at very close to zero. They're still scared of becoming the Weimar republic, even though they're staring Japan-style deflation in the face.

On the whole, Germans view Club Med as lazy, indolent, irresponsible, and deserving of their fate.

Bring on the Eurozone exits. The sooner the better. Currency unification without fiscal and political unification is a disaster and has plunged half of Europe into a depression as bad as the 30s.