Germany has to stay the course in order to regain its fiscal scope of action, to be prepared for the future fiscal burden of an ageing population and, last but not least, to set an example for consolidation in Europe.
The total amount that we have purchased represents 5.3 percent of the GDP of the euro area, whereas what the Fed has done represents almost 25 percent of the U.S. GDP, what the Bank of Japan has done represents 64 percent of the Japanese GDP and what the U.K. has done 21 percent of the UK’s GDP.