> The ECB is the emitter of Euros. They run the whole system, so they always have the option to buy government bonds, for example. There is a 33% limit imposed

> The ECB is the emitter of Euros. They run the whole system, so they always have the option to buy government bonds, for example. There is a 33% limit imposed on the total amount of any country’s public sector debt that can be held by the ECB. Now what you're saying is not just that the limit be increased but also that the ECB only buys Italian bonds, creating a moral hazard arguably as bad as any other outcome.