In a wheelchair and smoking in a TV studio

The great Helmut Schmidt is guest on Guenther Jauch this evening. He is talking about the EU crisis with special reference to the euro.

And what's he doing? Smoking.

Even the Germans break the rules.

Then again, the same Germans were one of the first to break euro rules.

Helmut Schmidt points out how inflation has been kept low since the introduction of the euro but he is concerned about the level of unemployment in some EU countries.

Helmut Schmidt joined the SPD in 1946 and was one of Germany's great post war chancellors.

Schmidt blames the US banking for much of our current crisis and the infamous dictum, 'to big to fail'.

He explains how the US banks had too powerful a lobby influence on US politicians.

He understands why the young people are protesting but he is not sure they will produce results.

He refers to Margaret Thatcher and how in her time the markets became a god.

On the programme with Schmidt is Peer Steinbruck who was SPD finance minister in the grand coalition with the CDU/CSU.

Steinbruck thinks that politicis is right now incapable of playing its proper role vis a vis the banks.

Schmidt sees hope in the EU and believes that in 40 years time the US and China will strive to develop in an EU-style political system.

He speaks of the importance of having a government in the middle and makes referecne to Germans voting for the Nazis and the Communists in the 1930s while all the government could think of doing was saving money.

This evening's Guenther Jauch Show has to go down as one of the great programmes of the century.

Well done ARD.