It would be the same with the US dollar or any other currency. But the Governing Council of the ECB is not committed; we do not do anything ex ante to facilitate this decision. It is really the responsibility and risk of that particular country. And this country has to realise that this would not be a way to bypass the Maastricht Treaty.
Given changes in investor preferences for risk-free assets amid the market turmoil, I take less signal from the seemingly satisfactory signals derived from spreads between Treasury securities and comparable Treasury inflation-protected securities. No fair recitation of inflation risks, however, should neglect the seeming steady state of core inflation.