Sterling has a lender of last resort. The Euro does not. The member-states' central banks are their own lenders of last resort. The unlimited liquidity available from central banks at a penal rate against assets is not available to eurozone members. Their central banks can provide liquidity only within the confines of their reserves, as if they were a currency board.
So the ECB can print money but not lend. While the member-state central banks of the eurozone can lend but not print money.
Whoops.
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And of course the ECB is free from "interference" from national governments.
Wow !
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