So is the ECB making up for the failure of political will? Yes. The lack of coordination in the fiscal domain means that we are the ones who are doing the work. I dream of a euro area with a strong and democratic political base, which would alleviate the burden on the ECB. .
In these periods the behaviour of markets and prices does not appear to follow any probabilistic model ex ante but rather reflects a more fundamental Knightian uncertainty in which even probabilities are unknown. III.