🇩🇪 Germany
Germany uses the euro directly. There is no national currency to protect citizens from euro-area money creation. When the ECB expands the money supply, German savers and wage earners lose purchasing power like everyone else in the eurozone.
Debt: Eurostat, Q1 2026 Maastricht debt. 64.4% of GDP, €2,902.0bn. Source.
Purchasing power of €100
Even though Germany is often portrayed as the fiscally responsible core of the euro area, its citizens have still seen a clear erosion of purchasing power. Cumulative inflation since 2015 has reduced the real value of money significantly.
Source: Eurostat HICP snapshot, as of July 2026 (not a live feed). 2026 = Jan–Jul average.
Why this matters in Germany
No national currency buffer
Unlike Denmark, Germany has no separate currency. Monetary policy is set by the ECB in Frankfurt. German citizens therefore fully import whatever monetary expansion (or contraction) the euro area decides on.
Debt is rising again
After years of relative restraint, German public debt has climbed to 64.4% of GDP in Q1 2026 and is projected to rise further. Special funds and reformed debt rules open the door to more government spending financed by borrowing.
The same hidden tax
Whether the new money is created for southern European bonds, energy subsidies or defence spending, the effect on German purchasing power is the same: existing euros buy less over time. Wage earners and savers pay the price.
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