There are many reasons for these differences. Some of them are cultural and find their roots in the different histories of economic thought. Part of the explanation resides in the spectacular success that the Bundesbank’s monetary policy had in the 70s.
And another main reason is that such policy is the perfect complement to the fiscal discipline and the culture based on stability which are an integral part of the socio-economic foundations of this country. Many Germans fear, in particular, that the debtor countries will be unable to redeem their loans.