The eurozone on a dangerous path

From the German weekly "Der Spiegel":
European Inflation Union
The Finance Ministry officials are also thinking about creating a new institution, modeled after the IMF, to handle future bailout efforts. This European fund would provide financing to countries in difficulty.
It is still unclear how the new rescue fund will be financed. There are two conceivable options: Each member state's contribution could be based on either its share of ECB capital or the level of its deficit.
The second solution would be fairer: the worse a country's financial policy, the higher its contribution. In other words, the biggest sinners would be required to pay the highest indulgence.
Such an institution doesn't exist yet, which means that European politicians will have to make do with what they have. The financial strength of the donor countries could soon be depleted. This could force ECB President Jean-Claude Trichet to buy up the debt of the countries facing bankruptcy -- which is tantamount to printing money. Although this is prohibited under the Maastricht statutes, the EU finance ministers already demonstrated that the treaty could be amended if necessary when, in 2005, they stealthily relaxed the 3 percent criterion for government debt.
Such a bailout would come at a high price: It would turn the European monetary union into an inflation union.
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Comment: Be it dollar, euro, yen or whatever currency. As long as it is fiat money it's path is the way of destruction.