Easily. When the Euro started the German economy was in a terrible stagnation. The Euro needed to be higher for countries like Ireland that economically were

Easily. When the Euro started the German economy was in a terrible stagnation. The Euro needed to be higher for countries like Ireland that economically were doing very well at the time. By keeping it low to make German exports more competitive it meant countries like Ireland overheated, instead of having a natural breaking mechanism though higher interest rates. Irish interest rates were way too low at the time. (Of course that doesn't remove our responsibility for not taking the loans or for regulating things better) Tons of money in Germany that was making little return then flooded into countries running hot. When this stupid money should have been written off as bad loans the Germans strong armed Ireland and elsewhere to pay it all back in full. Many of these debts should have been properly haircut. It's the same thing with the Euro post 2008. Germany's tight control of its policy means it gets the strongest say on what actions the ECB takes and generally how the wider EU approaches finances etc.