Will the ECB completely give in?

For the ECB, giving in would mean: Monetising structural fiscal deficits, once the economy has returned to normal, and not only cyclical fiscal deficits; Permanently preventing any pressure on the peripheral countries’ long-term interest rates or yield spreads. This behaviour, which is similar to that of the Bank of Japan, would generate in the euro zone: Bubbles, due to persistently negative real long-term interest rates and the money creation; A moral hazard, as governments would be encouraged to never reduce their fiscal deficits, even once the economy returns to full employment, since structural deficits would be monetised and interest rates would not budge .