Okay, and today, which is three days later than my previous comment, Krugman reprints an earlier blogpost of his about why German inflation not only needs to be higher than, say, Spanish inflation, but why it needs to be relatively higher inflation than it is now, as well, and low European inflation targets would be devastating for Spain. I don't understand the post, and I don't think it has anything to do with there being little risk of inflation (as I claim, perhaps correctly, but it's an ignorant claim) in the event the ECB buys up Italian bonds, but I don't know.
no subject
http://krugman.blogs.nytimes.com/2011/11/01/repost-european-inflation-targets