[jonno]

Germany and northern states pursued mercantilist, export-driven growth strategies

If I understand the author, the problem is that Germany will not abandon austerity measures; but rather, should pursue buying more from it's southern neighbors. Do I have this right?

[Mariner]

They want their own currency to debase so they can continue to borrow, but repay with ever diminishing value.

That's the ONLY change breaking up the Euro will have, other than to encourage even more slovenly behavior by the Med countries.

Hey, it's their country. Let 'em melt it if they want to.