Thanks for those links, they're interesting. But I can't see where he says the core countries are looting the periphery during this "bail out" phase. instead it seems to be about the broad and ongoing benefits to Germany of the Euro system, i.e. "German banks and German exporters have benefited substantially from the euro, even though the performance of the domestic economy has been undistinguished. They are keen to preserve the basic structures of the monetary union, indeed wish to impose harsher fiscal discipline and more labour flexibility. These policies are perceived as protecting the geopolitical interests of Germany, and hence the German government can argue in all seriousness that there is nothing structurally wrong with the monetary union."
