Can Draghi take eurozone off the modern day gold standard?

Argonaut founding partner Barry Norris finds a glimmer of hope for the eurozone crisis in the latest comments by ECB President Mario Draghi.

We at Argonaut have consistently argued that the eurozone was uniquely vulnerable to a sovereign debt crisis – not because of high levels of debt and fiscal deficits, but because there was no central bank buyer of sovereign debt as a last resort. No sovereign should ever default on debt denominated in a currency which its central bank can print. But within the eurosystem it is the ECB which controls the printing presses, not the national central banks. As a result, eurozone sovereign debt has credit risk which simply does not exist in for example the UK or the US. Eur-zone countries c...