The stronger eurozone countries worry the move will exacerbate inflation. The weaker ones obviously need the support of the ECB to make their debt cheaper. And the international community, as the Wall Street Journal Brussels blog notes above, is pondering whether the ECB is still committed to fighting inflation and keeping its credibility as an inflation fighting institution intact given the move. The argument over the Trichet's leadership of the ECB tears at the very collegiality that allowed the euro to come into existence. But it doesn't tear at the euro itself. There's too much vested in the system, intellectually, financially, for Europe to abandon it, at least for now.

    Is the euro under threat of extinction? Not any time soon -- the ECB's bailout package makes sure of that. But the package does undermine the possibility of the euro surpassing the U.S. dollar as the world's reserve currency. In fact, it creates the likelihood of the euro's revalue and a continuation of its slide toward -- and beyond -- an all-time low versus the U.S. dollar. Looks like Greenspan was wrong. Again.