I don't share this opinion and there is a fact, it is not just Germany refusing to see the ECB changed into a monkey currency central bank. Finland, The Nederland as well share the opinion the ECB mandate which is to insure price stability either way as Mario had recently to remind everyone it was his mandate as well, is exactly what is expected, awaited from the ECB, no less, no more. Is this mandate a widely shared view across Europe the answer is yes, nobody wants to see the return of monkey currencies and cascades of devaluation of the currency run by drunk drivers with a garlic breath....;)) (don't fell offended or concerned just between Super Devil and Mario and myself)
So, no a central bank cannot solve an excessive debt load fuelled with crazy and insane public spending printing money. It would lead to an even bigger catastrophe. And STOP pretending the Fefd did because that's unacceptable, the Fed entered QE to fight deflation and as u have been able to learn or rediscover... Mario just informed u that his mandate include fighting deflation should the zone be under such a threat.
For those still looking for a free shot of public spending debt funded or devaluation fueled the answer is very clear, NO and NO a position with an extremely large support across the board.
Don't make mistakes, is A Merkel shares the view, the support is much wider and the Bismarck kind of stuff which is very insulting appears to be unnecessary and doesn't help. People have to take responsibility for their mistakes and policies mis steps over decades that lead them into a precarious situation. Not the ECB, devaluation or anybody can act on their behalf, the solution is with them, their ability to deal with their weaknesses and poor habits and their will to change and live within their means.