[umarmung]

Exactly.

Printing is also a fiscal policy that happens to be implemented by central banks.

Without a fiscal backing for unlimited asset purchases or printing money, no central bank is able to act. A central bank implements monetary policy transmission by controlling liquidity. They cannot provide funds to insolvent institutions or be exposed to risk of default/credit risk without backing.

To put it in Mervyn King's (head of Bank of England) words: too many people misunderstand the concept of "lender of last resort". Central banks have access to this facility or are able to print because governments back their own solvency by perpetual state existence and unlimited taxation.

Without a fiscal union, the Eurozone/EMU has no meaningful guarantee of perpetuity nor taxation. The market would recognise this sooner rather than later and nothing structural or fiscal would have been fixed.

Printing can only come after fiscal union. If you have a fiscal union, then you should not have needed to print in the first place since you should have set strict rules on leverage! But if for some reason you did need to use lender-of-last resort, it would meaningfully exist due to the fiscal backstop.