Now, as people don't know what "escrow" means, but they do know what "kommissar" means, they are hoping the new idea will fly.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

Let's review the pedigree of the idea:

June 2011: Trichet suggests it in his Charlemagne Prize acceptance lecture

"But if a country is still not delivering, I think all would agree that the second stage has to be different," he said, suggesting that eurozone authorities be given "a much deeper and authoritative say in the formation of the country's economic policies if these go harmfully astray".

He added: "It would be not only possible, but in some cases compulsory, in the second stage for the European authorities - namely the council on the basis of a proposal by the commission, in liaison with the ECB - to take themselves decisions applicable in the economy concerned."

ECB chief economist Jürgen Stark, in an interview with Italy's Il Sore 24 Ore, repeated the suggestion of external budgetary intervention. "If countries in difficulty do not introduce the necessary adjustment measures, then interfering in their national policy could be a necessary way of ensuring the correct functioning of monetary union," said Mr Stark.

The Dutch  prime minister Mark Rutte, in a joint article with his finance minister Jan Kees de Jager, called for the forced expulsion of member states. He also wants to appoint a new budget tsar, the FT writes in its news story accompanying the article, with powers to dictate taxes and spending in eurozone countries, and who would be empowered to kick countries out of the eurozone.