During the 20th century, the greatest danger to European stability was Germany's sense of its special destiny. During the 21st century, the greatest danger to European stability is Germany's reluctance to accept its special destiny.

If European monetary policy is run according to German interests, huge structural imbalances will accumulate. The Germans will then either have to pay to correct those imbalances or agree that the euro should not be run primarily according to German interests. If they are unwilling to do either of those things, the euro can't survive.

Germany has to put the broader European interest on the same level as its own national interest, or the euro is toast.

John Lanchester Quotes