The REAL reason, as explained by strategist Lorcan Roche Kelly in a note for Trend Macro, is that early last decade, Germany embarked on a policy called Agenda 2010, which basically offered German workers a trade: They'd get very little real wage growth, but in exchange, unemployment would be kept low.
And indeed, Germany has had the lowest wage growth in Europe, as this chart from Triplecrisis.com shows nicely...
And as you know (or may not know) Germany has kept up its end of the bargain, keeping unemployment at remarkably low levels, even as other Western nations has seen their numbers rise.
So any inflation caused by money printing would mean a real wage cut for German workers, and a violation of the deal.
Read more: http://www.businessinsider.com/why-germany-doesnt-want-the-ecb-to-print-money-2011-11#ixzz1euTVTZ7v
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