Former ECB member Athanasios Orphanides from Cyprus pointed the finger at European politicians, especially Germans, as bad managers during the European crisis, in an MIT working paper.
“Rather than work towards containing total losses, politics led governments to focus on shifting losses to others. The result was massive destruction in some member states and a considerably higher total cost for Europe as a whole.”
Rather than working together, the main players in Europe worked to protect their own interests and made moves that undermined the periphery.
