As written in the concluding paragraph of this article by Costas Panayotakis
In other words, the problems that European countries face right now do not stem from the fact that Europeans refuse to be like Germans. They rather stem from the fact that they have not, up to this point, been able to break from the destructive economic policies that German (and European) political and economic elites continue to prescribe.
This is both a critique of modernization theory (which simply doesn’t work) and a confirmation of some of the points that I (and probably many others!) have made here, here and here. Furthermore, this ties in nicely with the theory in Acemoglu and Robinson’s Why Nations Fail – bad institutions, bad politics and contingent history may put a country in a vicious circle regarding wealth and prosperity.