Not much concern for the independence of
sovereign nations and democracy.
The second reason the ECB may refuse to make huge bond purchases is moral hazard. The ECB would lose its leverage to drive fundamental reform in Italy. The discipline imposed by high interest rates currently offers the best hope of making the euro zone more competitive. And if the ECB accepts the role of lender of last resort to countries, it can't be rescinded. Its relationship with governments will have changed fundamentally, making it hard to resist future demands. The ECB effectively will have ceded a large slice of its cherished independence.
