On the post Dec 8 Europlius:
1) A much more spendthrift Europlus would mean less consumer spending too, ie a much stronger exports orientation for the Europlus
2) In other words, turning the Europlus into a lean and mean global exports "machine".
3) That could mean a much more aggressive trade policy for the Europlus with its trade partners (USA China, other BRICs etc).
4) Including less tolerance for hidden and other protectionist barriers by others esp in the G20.
5) So the US admin which already "accuses" Germany of exporting too much & consuming (& thus importing) too little, is probably having a fit!