Interesting (or rather, boring by now) how Germany is allowed to break Maastricht rules, but the Periphery is immediately stomped if it does. Wanting to be a net importer of Aggregate Demand is fine, but allow the Periphery to be a net exporter of Aggregate Demand for Christ's sake. Recirculate the money. Recycle the funds back into the system - otherwise you force people in the Periphery to spend from private debt, which they can no longer due because they're tapped out & are seeking to deleverage. And imposing on them austerity (aka pro-cyclical fiscal policy) isn't going to help the Periphery, and in the long run it's not going to help Germany either. Things as they are only contribute to higher poverty and unemployment and only benefit extremist parties and the corrupt establishment who's making a killing in the process.