German historian Arnulf Baring, who opposed the euro, wrote in his 1997 book Scheitert Deutschland? (Does Germany fail?): “They (populistic media and politicians) will say that we finance lazy slackers, sitting in coffee shops on southern beaches”, and “[t]he fiscal union will end in a giant blackmail manoeuvre [. . .] When we Germans will demand fiscal discipline, other countries will blame this fiscal discipline and therefore us for their financial difficulties. Besides, although they initially agreed on the terms, they will consider us as some kind of economic police. Consequently, we risk again becoming the most hated people in Europe.”

The prediction has come true seventeen years later!