You certainly remember the very controversial debate at that time, with some scepticism in Germany. But it was definitely a mistake that Greece did not make wise use of the benefits of our common currency. The progress observed especially in public finances in the run-up to EMU proved treacherous. Some say that Greece can go bankrupt, but stay in the euro.
How does the Bundesbank view such a scenario ? The fact of the matter is only Greece can decide on leaving the euro, despite this not being foreseen in the EU treaty. As I said before, it will be very difficult for an insolvent country that is cut off from financial support to remain in the EMU.