On the other hand, yesterday there was a very good question to Draghi at the press conference: a journalist pointed out that the conditionality meant that the ECB would interrupt bond purchases if the Eurogroup declares a country is not keeping to its memorandum, and that's not "independence".

The issue really is that separating fiscal and monetary policy is impossible except in the fevered imagination of Hayekians. Friedmanites believe all you can do with fiscal policy you can do better with monetary policy, but they don't believe the two can be kept separate.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa