Who is right, Germany or the group of other large OECD countries? Whichever of them is wrong will suffer very serious consequences

While the United States, the United Kingdom, France, Spain, Italy and Japan accept very high public debt ratios, Germany is rapidly reducing its public debt ratio. This means that Germany - unlike the other OECD countries - is concerned that interest rates will rise sharply ,. If these other countries are wrong and interest rates actually rise again markedly, they will pay for this analytical error in the form of a public debt crisis and also a crisis among investors who hold their government bonds. If Germany is wrong and interest rates remain very low, it will pay for this analytical error in the form of a pointless depression of its domestic demand and a long-lasting loss of growth due to the shortfall in public investment.