If politicians have the ability to borrow, they will generally make use of it. Which is why the weaker currencies were a much better fit for Southern European

If politicians have the ability to borrow, they will generally make use of it. Which is why the weaker currencies were a much better fit for Southern European countries. Creditors would expect a high interest, due to high inflation, thus limiting the politician's ability to borrow money. I do feel northern Europe (especially Germany) is partially to blame, since they were very much interesting in increasing their exports and the Euro was the enabler.