German critics complain that the ECB’s monetary policy is not geared to German economic conditions. This is both true and unavoidable. The ECB is responsible for the eurozone as a whole. Its monetary policy cannot be perfectly suited to all members’ needs all of the time. For the euro’s first ten years, the ECB’s policy was too lax for Spain; now it is too lax for Germany. The ECB should not be blamed for doing its job.