An article in German paper Badische Zeitung headlined "EU-summit wants Austerity and Growth" refers to Germany urging all EU Partners to follow the German example and become stronger "on the global markets". That refers to that successful export industry and bonanza Germany is experiencing all those years, now, to be the one and only model to follow.
The last 50 years tell us that all those EU partners never really succeeded that much export-wise compared to the German strength even at times when those EU-Partners had the sovereignty, hence the tool in hand to devalue their own currencies in order to compete with world-market prices. Those times also benefited from the fact that there was no Chinese Moloch sucking up labour for in return flooding the markets with inexpensive, not to say cheap products of all kinds. So why should anything like trying to increase export (of what kind of products, by the way?) be a successful route today when everybody follows the same aim with most markets being saturated and new industries and products being more than scarce?
With unemployment and energy prices rocketing, resources peaking, lots of given up industries, sold out labour, governments with no money to spend and their mainstreams' only and unisono answer on the crisis being the call for austerity there is not much hope to see new wheels being invented for starting any successful export business. Meanwhile established exporters struggle to cope with extreme competitiveness, in parts unfair practises, and Germany's strength is taking advantage of a relatively weak Euro, an established and trained workforce that only very slowly is waking up cautiously asking for higher wages.
Worshipping so-called free markets and those tin gods called growth and austerity will be coming to an end; once those LTROx, y and z are pumped out it will soon become clear that in reality it is not "money", neither virtual nor even real money, that creates jobs, innovation, income or that beloved growth; the real world out there, the one beyond that European plate's edge will be showing its own face with China dominating the world's decisions, holding the majority of resources and a very well trained and eager labour force in its fist while the US are playing silly dollar and costly war games; only then we will suddenly wake up and ask, what's the time?
Yes, late; very likely too late mainstream will recognise, probably never acknowledge, that while good old Europe played the generous, successful wanna-be-business know-it-all dandy others will have seized the opportunity in its completeness: allowed to give themselves their own rules, to manage their own non-floating currency, to grow with double digit figures, to invest billions on land, energy and all kinds of other resources and all this detached from any non-essential democratic crap was the fast forward for China into the 21 century!
To cut this short: should we not see an immediate turnaround of the majority of the European economies for good, now after that LTRO trillion and all the other QEs in place, we will be doomed.