French bureaucrats have proven themselves expert at spending other people's money. Did Garnier ever think that the Germans, whose high taxes and (almost-)sensible spending policies got them their surplus, might wish to decide themselves how their money was spent? The Germans need highways, health care, and billions to take care of the influx of (now-)legal and unwanted economic refugees pouring in from eastern and southern Europe.

Plus, Garnier wants what amounts to a red flag to a bull in the ring: "creating an agency in charge" of how to spend the German surplus, and who will do it. Surely a few French bureaucrats, or example? How many of them have already been found to have secret accounts in Switzerland? Get a competent, benevolent group of people to take charge of such a project, and it might do some good. Get a bunch of bureaucrats in charge of such an agency, and the temptation to stick your hand in the pot (who'll notice, after all?) gets pretty big.

Lastly, the Germans remember all too well that back in the 1930s and 1940s, the Nazis went around seizing the assets of Jews in a big campaign called "Enteignung," literally "de-owning." Taking the assets of citizens to use for State purposes. Anything that smells of that will meet with an outcry louder than anything heard since the Berlin Wall was built, especially if suggested by a French banker.

The article states: "Garnier argues that the idea offers German savers a better financial return than parking surplus cash in domestic bank deposits earning zero nominal interest, and is politically more palatable for Germans than risky taxpayer loans to governments that may never be able to repay the debt, or be fully recouped."

Cleverly worded. It only offers German savers a better financial return if all goes to plan. If it doesn't, they toss their money down the black hole they have been all along. The Germans know full well they'll never get back the money they have been giving up in "risky (read hopeless) taxpayer loans to governments." If it's left up to them, the majority will prefer to make that decision themselves. My wife was a social worker in Germany for decades. The State is not swimming in money, and she had to fight for every D-Mark, and then for every euro to keep her poor clients with enough money for food and a roof over their heads. There is an election coming up in Germany this fall. Germans vote. Count on their politicians remembering that, both Merkel and Steinbrück.

Did you know that EU commissioners get something like 10,000 euros tax free for LIFE after having served, even if it's only a few months?

Plus--try this on for size: in Germany it is legal for sitting members of the Bundestag (their parliament) to serve on the boards of directors of corporations. No chance of a conflict of interest there, noooooooooooooo.........