The ECB will eventually print in an effort to save the Euro. The Bundesbank has objected to all these tricks since the Eurocrisis began in 2010, yet the ECB still deployed them. The Bundesbank’s role is that of the defender of the German monetary system. By objecting to everything, they are playing their role and providing political cover for the ECB’s shenanigans.
The Finance Ministry is also playing its role to a tee by jawboning Teutonic financial values and thrift. In the meantime, the ECB is giving backdoor bailouts to Greece.
Merkel views the euro as part of a grand scheme to unify the continent, and she supports ECB efforts to “save” the euro. Eventually, the ECB will begin monetizing PIIGs debt.