This would be at best ineffective and at worst dangerous, (It) would be a strong signal that the ECB is no longer a 'joint and several' institution. Guntram Wolff More Quotes by Guntram Wolff More Quotes From Guntram Wolff Everything depends on the details that are not yet known, but without finishing the banking union, the euro area will remain fragile. Guntram Wolff world Political instability would indeed cause financial instability. Guntram Wolff company-news