We would have to change the EU treaties, we would have to change our constitutions, even in the sense of having a referendum, for instance in the case of Germany. Would they rather go back to the D-Mark? No, the German public is clearly committed to a stable common currency. But in the periphery the house is burning.
And some are asking what is the ECB doing? Why can’t it be a lender of last resort? The ECB has already gone a long way towards preventing an escalation of the situation. It has cut interest rates. It continues to provide almost unlimited liquidity at very generous terms and decided several non-standard measures. By doing so, it has stretched its mandate considerably.