Charles Gave does a good job of describing the origins and the reasons for Europe's ongoing problems in this piece and worries whether Germany is the real risk in a euro breakup. When you look at what it would do to monetary balances, Germany would end up with euros, which perversely would reduce its money supply. What he does not say is that the Bundesbank could print more, but then, would that be their first move? Interesting new wrinkle.