German Concerns About the Euro's Credibility Do Not Make Sense

The NYT should have pointed this fact out in a discussion of the crisis facing the euro zone. The article includes a quote from Wolfgang Schäuble, Germany's Finance Minister:

"I'm convinced that if we abandoned the promise of euro stability, we would have a few weeks, maybe a few months of relief on the financial markets. But after a few months the problem would return. It is all about trust."

If the European Central Bank (ECB) is buying debt issued by euro zone countries and explcicitly...