"Some argue the euro can be saved only at the price of sacrificing monetary stability. This would be a momentous mistake. Putting the European Central Bank’s printing presses to work might at best bring some short-term relief. But it would have dire consequences, both raising inflation and dissipating vitally important incentives for reform. In the end we would end up with a depreciated currency and an even more destabilised eurozone. The ECB’s independence and firm commitment to price stability are of paramount importance to Europe’s economy."
For those who don't know, Drunkeynesian is the best Brazil economics blog on the planet, so you should have it on your RSS by now. Today Drunkey has this as a quote of the day, from Germany's Foreign Minister Guido Westerwelle.
That translates as, "As we the Germans run this shop, we invited all these pissant little States into the Eurozone during the last 10 years, even though it's now patently obvious that they weren't even close to being ready for the change, in order to sell them massive amounts of Bosch whitegoods and BMWs and Mercedes and Bayer aspirins. Now that it's gone tits up, you honestly think that WE, the Germans, are going to take our portion of the blame and go down with this ship?"