I think we still do not know if they can print the euros legally (well, introduce them into the computer), if they can but there are marching order that the german army would invade the country, if it is illegal but you can try to game the system (and do it easily) or if it is illegal and you just can not rig the system.

I think this is the key point... and frankly I still do not know.

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

... since they cannot buy directly from the Treasury, is buying Treasuries on the private market, putting them on their books as an asset, so writing up the liabilities of the extra reserve account entries credited to the sellers of the Treasuries.

But on what basis? Implementing common ECB monetary policy?

And if the ECB says, "those are not sound assets you have on your books, we are not accept payments from you until you clean up your books and have sound assets backing your liabilities" ... if the ECB can in fact make it stick, that's the end of that strategy.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.