Far from being a specifically German conviction, they serve the well-being of citizens throughout the euro area. And the ongoing validity of these principles is a prerequisite for the public acceptance of monetary union. Thus, any approach that does not respect and comply with these principles will not bring about a lasting solution to the crisis.
The current crisis is not a crisis of the euro as our common currency. Since the start of the euro, inflation has been in line with the Eurosystem’s definition of price stability, and the euro continues to be a strong currency – to some, it actually appears to be too strong.