Such an approach would endanger the key foundation of a stable currency: the independence of a central bank that is dedicated to price stability. This would throw overboard the very things that need saving. And, as I said earlier: money can’t buy you confidence. The only thing that can be bought is time.
With the EFSF and the forthcoming ESM, instruments to do just that have been created. However, this bought time must also be used to eliminate the root causes of the crisis. From this we can derive three main things that, in my opinion, need to be achieved. Firstly, government budgets need to be put back in order.