Il Sole 24 Ore just published an editorialI wrote with Jean-Luc Gaffard, on the structural problems facing the EU. Here is an English (slightly longer and different) version of the piece:
It is hard not to rejoice at the ECB announcement that it would buy, if necessary, an unlimited amount of government bonds. The Outright Monetary Transactions (OMT) program is meant to protect from speculation countries that would otherwise have no choice but to abandon the euro zone, causing the implosion of the single currency. As had to be expected, the mere announcement that the ECB was willing to act (at least partially) as a lender of last resort calmed speculation and spreads came down to more reasonable levels.
The decision is not uncontroversial. Mario Draghi has certainly stretched the interpretation of the mandate for price stability, arguing that excessive spreads and the risk of contagion hamper the transmission…
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Utopia, you are standing in it! 
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