The British newspaper The Telegraph published an article by Jeremy Warner about the geopolitics of the European Central Bank and the Euro-Crisis. The fact that the bank had only now started the process of quantitative easing was in large part due to Germany’s previous efforts to resist this.
However, the German’s resistance against these measures taken by the ECB was not due to the German’s experiences with hyperinflation during the time of the Weimar Republic, but rather traces back to much profounder factors found deep within the German psyche: the ancient Teutonic obsession with legality and rules.
Could this also be the reason why the German response to proposals for money-saving measures, bail-outs, and troika made by the Greeks is a always the same resounding statement: “The Greeks must stick to the rules”?
But where do rules become necessary, in order to assure reliability, stability and continuity, and where must one deviate from them due to changes in circumstance? Does not every change in strategy incorporate breaking the rules of a time gone-by?
Is Jeremy Warner’s statement about a so-called ancient Teutonic obsession with legality and rules even historically accurate?