If we look at the spread between the ten-year government bonds of the USA and Germany, I believe that we have just reached the zone again that the European Central Bank must defend in order to prevent an accelerated flight of capital (it is happening either way) from the eurozone. It will have to keep cutting interest rates, i.e. making money cheaper, in order to somehow stave off recession in the eurozone. At the same time, it will be forced to continue buying US government bonds via its banks to prevent the spread from widening. The euro will become trash currency this way.