Random Observations on the EU crisis
Even if Draghi could wave a designer wand and make the Greek & Italian sovereign debt mountains go away, the Greek and Italian economies would remain horribly uncompetitive even vs. France, let alone Germany.
You know your central bank has little credibility when the market reaction to a promise to lend banks Euros at 1% for 3 years is to push bank stocks sharply down!
Saving the Euro is not the same thing as saving Europe.
There are actually worse things than countries expeditiously exiting the Euro zone; we may see some of them fairly soon.
It's hard for me to see how much blame falls on Germany. They reformed their economy and became super-competitive. People act like that was somehow nefarious.