This is from Martin Wolf and represents the current thinking among the European economic elite. I have some real issues here, but it is good to know what direction central banking is likely to head in. I think that they are just transferring private risk to public balance sheets. Or maybe a better way to say it is, they are transferring government debt from private hands into public, central banking ones, that is, to national banks with local-government guarantees. The risk does not go away, as we saw with Greece; it is just transferred. I know this is two FT articles in two days, but they really must be read.