One major risk is that the stability foundation of the monetary union, that we have agreed on and enshrined in the articles of the EU treaty, will erode further. This has the potential to undermine the confidence in the solidity of the monetary union. And it would put monetary policy under pressure even more to inflate away the problems.
Already now several voices are asking the ECB to break its rules and bail out with no conditionality. Does the European Union have enough firewalls in place to deal with a Greek exit? I don’t want to speculate about a Greek exit. The firewalls we have been building and strengthening are there to prevent contagion effects.