No, that is not what I propose at all. Under my proposal the ECB's objective would be to balance the risks of controlling inflation and avoiding breakup, which is the natural result of recognizing both as serious risks. But if member states took decisions that would imply behavior of the ECB that would result in high inflation, those member states would not receive support and might be kicked out.
It is always good to try balance the risks with the objectives and so forth, the problem here is just what is the proper balance. I get this feeling that nobody really knows with much more then a hope and a prayer confidence level. This nut is just a new one to come down the macro-economic pike in this ever more intertwined and leveraged financial world, where the line between banks and government becomes ever more blurred, and any kind of attempt at serious structural reform, causes a societal nervous breakdown, so the waters are uncharted, and the compass lost at sea, and the sky cloudy blocking out even the moon as a point of reference, much less Venus or the North Star, so one waits until one hits a rock to better locate one's position, as the seas flood into the lower decks.
