John Maynard Keynes made and important contribution one hundred years ago in his book  The Economic Consequences of the Peace when he pointed out that it would be impossible for Germany to fulfill the reparations payments according to the Versailles treaty. Keynes also played an important role when it comes to the new view of the 1930s of the business cycle and the shaping of stabilization policy. But Keynesianism also caused the respect for restraint in public borrowing to disappear. The great public debts within EU together with the common currency implies certain similarities with the conditions during the end of the 1920s.