The history of the monetary union teaches us an interesting lesson: when the disciplining role of intra-euro area exchange rates was lost, volatility and tensions have in fact migrated to sovereign debt markets, where they were building up under the surface. Even though markets sometimes misprice assets, they nevertheless provide a useful service in terms of signalling, price discovery and incentives.
These were conditions in which the bank was operating in the very recent past. Worst, a constellation of obscure forces, known only to a few, militated against those who were really determined to bring the bank to safe haven. The regulator and a few faithful board members of the bank sailed against the strong wind.