As we face a major election this May in Europe, truly there is rising discontent among member states that this is just not working. The demands of austerity are tearing apart Europe and now that the economy is headed down and dirty, the exceptions made for France and Germany are being seen as even more proof that the idea of managing the economies of every member state is simply impossible.
The ECB has self-destructed. With the economy turning down, Draghi can not exit his Quantitative Easing despite the fact that it has not worked for 10 years. He cannot sell the debt he has already bought for then we would have 10 years of past debts coming to the market with continued new debt which would swamp the debt markets and cause interest rates to explode beyond anything historically.
The faulty structural design of the EU combined with the disaster of the ECB, unfortunately, the European people and their economic future have become the collateral damage for this governmental incompetence, arrogance, and ignorance.