For all the talk about the profligacy of the Southern European nations, Germany itself falls short of euro area standards, calling for budget deficits of less than 3% and government debt below 60% of gross domestic product. The latest figures from Germany are 3.3% and 73%, according to Eurostat.
“If Germany weren’t in the euro area today, it wouldn’t be able to get in, because it violates both the debt and the deficit criteria,” Buiter said.
Observing Hermann 
Let’s face it; while the countries in Europe’s “beard” are certainly the worst of the lot, all Europeans think governments act like a broken Las Vegas slot machine that comes up triple cherry every time you put a nickel in. Most of the time, they think the government should also supply the nickel.
If the EU entitlementoholics could see Adam Smith’s invisible hand, it would be giving them the finger.