Germany has the most unequal distribution of wealth in the eurozone. In this sense, Germany faces the same challenge as China: a high-export and saving economy which needs to rebalance through policies that create a greater flow of wealth to households, thus spurring greater consumption. This, in turn, can create demand for imports from Germany's European neighbors.
Complaints about the imposition of a "teutonic regime" and appeals for German leadership seem to contradict each other - a kind of continent-wide cognitive dissonance. In fact, the complaints and calls for leadership are mutually reinforcing. The implementation of austerity policies in the periphery has caused these countries to ask for help and request that Germany take the lead by putting more money on the European table. Nobody would deny that Germany has an interest in preserving the euro. So why shouldn't it support its partners with financial help to overcome the crisis?