Why is the ECB cap on high debt countries not sustainable? Every policy has winners and losers. When the policy continues the losers become ever more angry and eventually they end the policy. This ending is likely sudden and violent and will cause much more damage to all parties than an earlier ending of the policy would have done. The key here is that the losers must be able to end the policy - that is why it’s unsustainable rather than just oppressive (like slavery). In this case Germany can.

Your posts are always worth reading - my thanks for them and their being free.