[nomadking]

If monetary policy had been based on the Eurozone as a whole, it still wouldn't have been set for the worst countries, but more of an average. If it had been set for the worst, why should everybody else suffer because of the worst offenders. Eg Why should people or businesses pay a lot more for mortgages or loans, just because certain other people default on their loans?

It's doesn't matter how cheap or expensive the credit was, they never really considered paying it back. How does cheaper credit stop people paying their taxes?