On a topic close to our hearts, it appears that after the disappearance of the Croatian government subsidies, Brodosplit continues to produce excellent boats but they are now the most expensive in the world.

In any case, you continue to not address the issue of why the periphery should accept depression conditions rather than the core accepting some inflation.

Investing German surpluses outside the Eurozone does nothing to address the intra-Eurozone imbalances, by the way. And buying existing shares just inflates asset prices, it doesn't improve the capital base of the periphery (or of the EU as a whole) and so doesn't really constitute "surplus recycling".

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