Schaeuble’s death as a challenge for reflection

Without Wolfgang Schaeuble’s strong political presence, it is doubtful that the eurozone would have been able to face the monumental challenge of an economic crisis within its own borders and, above all, cope with the Greek crisis by taking initiatives that went beyond the narrow framework of the Treaties and required the allocation of hefty funds. Staying committed to fiscal discipline and the strict regulatory framework of the Stability Pact, Wolfgang Schaeuble expressed the dominant view during the crisis period which called for Greece to make a clear choice between staying in the eurozone – receiving robust aid and being subjected to harrowing fiscal and structural adjustment measures – and abandoning the euro, with all that such a move would entail for Greece (and the eurozone as a whole). When Greece ratified at different times and under different governments the national strategic choice of retaining the euro and essentially staying in the EU, Wolfgang Schaeuble was the predominant supporter of the 2012 Greek sovereign debt restructuring, which has been the basis of the country’s course ever since. Fortunately, this choice was ratified – albeit at an increased cost – in the summer of 2015 after and despite the whirl of the referendum.

Greek public opinion never took to Wolfgang Schaeuble, because it saw in him the harsh fiscal measures of the memorandum period. His passing is an opportunity for reflection. He never took on the role of a rhetorically likable figure. He was a difficult character, but honest. He obviously had a sense of Germany’s leading role under those circumstances, but he was loyal to the vision of European integration. Of course, everything could have been done more gently, more quickly, at a smaller democratic and social cost to Greece, but at that time the experience of the successive crises of the last 15 years was nonexistent, as were the flexibilities that the EU has in the meantime developed – also owing to the “laboratory” of the Greek crisis.

Our national bad habit of refusing to accept responsibilities and instead looking for an international anti-Greek conspiracy with some prominent protagonists in each period of historical challenge has also affected the relationship between our collective memory and Wolfgang Schaeuble. The passing of this influential German and European political figure, who is de facto linked to an important chapter in Greek history, will hopefully prompt a calmer and more balanced assessment of our national course and perspective.

Evangelos Venizelos is former deputy prime minister and minister of finance of Greece.