All of course caused by ECB total lack of willingness to act as a real bank regulator (since ECB now has a monopoly on this).

Politically the ECB actions are nothing short of incredible:

• ECB criticize strongly workers union for asking for raises and going to strike, totally outside of ECB mandate
  
• ECB criticize states for their work regulations, totally outside of ECB mandate
  
• ECB says because of the two above it is forced to raise rate and create unemployment and unrest, hell to evil workers and policiticans!
  
• ECB just creates 100 billions in liquidity to save rich people and irresponsible banks shareholder value, ECB fully responsible for the mess because it did not act
  
• ECB, now that rich people and shareholders are involved  might not raise rates after all !!!!