But Mr Welteke, who resigned from the Bundesbank in 2004 in a row over a luxury hotel bill, said it was important to remember who caused the crisis in the first place.

"The problems occurred after the financial crisis and the financial crisis was not the result of undisciplined politicians," he said.

"It was the result of people living, working and earning a lot of money in the financial centres.

"For 10 years, the financial markets did not differ between lending money to Germany or lending money to Spain, Portugal and Greece.

"If there is a creditor and a debtor, both are responsible for the credit."