This fear, deeply felt today in the countries of northern Europe, has conditioned the use of the single monetary policy and, when it was a question of designing OMTs, imposed rigid conditionality, so as to prevent cases of “moral hazard” on the part of the countries in greatest fiscal difficulty and ultimately to impede or limit fiscal transfers between states.
But what would have happened in all of Europe if in the summer of 2012 President Draghi had not given assurances that the ECB would do “whatever it takes” to preserve the euro?