At present, according to Wieland, we are not in such a crisis situation. It is more a question of inflation forcing a normalization of the interest rate level. But even highly indebted countries like Italy could bear the interest burden on their debts. "However, if Italy couldn't, a proven fiscal instrument at the European level, the ESM bailout fund, would already be waiting in the wings - you just have to want it."Moreover, if Italy, for example, applied for a credit line from the ESM, the ECB could implement bond purchases in the form of Outright Monetary Transactions (OMT) in the short term with legal backing. "So now it's just a matter of introducing new instruments with less demanding conditions," Wieland said, "I don't think that's a good idea."