To be fair there are some upsides to membership. Possibly the biggest one comes from the very weakness of the rest of the zone. Greece, Ireland and Portugal have all done German manufacturing a favour this year by driving the euro lower – in the process making German exports much more competitive.But with the German economy, apparently, growing fast, will that be enough, particularly as other export markets become more important.
The single currency has always been a primarily political creation, rather than an economic one. But increasingly it’s economics that will determine its future, rather than politics. Put simply, it will not be too long before Germany doesn’t need its Eurozone partners and certainly won’t want to pay for their problems any longer.Not this time round, I still maintain, but another crisis and that might happen quite soon, and Germany will probably look long and hard at her options. The war was a long time ago.