Pointing out the risks and side effects of crisis measures does not imply that the Bundesbank wishes to obstruct the stabilisation of the euro. Quite the opposite. We are aiming to strengthen the framework of the euro and to ensure that we continue to have a stable euro in the future. Recurring suggestions to the contrary, for example by George Soros, are therefore ill-advised.
A disintegration of the currency union would be linked to extremely high costs and risks. That’s why such a scenario cannot be anyone’s goal. Yet this does not imply that Germany becomes open to blackmail and promises guarantees without control. This would indeed erode the stability basis of the currency union.